Sign in
The UAE and Australia signed an economic partnership agreement, marking Australia’s first trade agreement with a country in the Mena region, according to a Foreign Ministry statement and a statement by the Australian Agriculture Ministry. The partnership aims to increase non-oil bilateral trade to over USD 15 bn by 2032.
The agreement will eliminate tariffs on over 99% of Australian exports to the UAE — including significant agricultural products — and includes dedicated chapters on environmental protection, women’s empowerment, sustainable agriculture, and animal welfare.
Background: This builds on existing economic relations and a trade agreement that was finalized in November, with bilateral non-oil trade reaching USD 2.3 bn in 1H 2024, marking a 10.1% y-o-y increase. The UAE is Australia’s largest trading partner in the Middle East and 20th globally, with the countries having committed a combined USD 14 bn to each other’s economies.
Six further agreements were signed, including one to promote and protect investments and five MoUs on investment cooperation in sectors such as renewable energy, infrastructure development, data centers, artificial intelligence, minerals, mining, and food and agriculture.
Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met Australian PM Anthony Albanese to discuss bilateral relations, focusing on economy, trade, investment, energy, and climate, state news agency Wam reports. He also met with Deputy Prime Minister Richard Marles and Foreign Minister Penny Wong to address mutual interests and regional developments, and spoke with Trade and Tourism Minister Don Farrell about expanding economic collaboration, Wam reported separately.
