The United Arab Emirates announced on Thursday its intent to begin talks with Australia about a Comprehensive Economic Partnership Agreement to boost bilateral trade.
The announcement was made by Emirati Minister of State for Foreign Trade Thani Al Zeyoudi on Twitter.
"We are moving quickly to boost bilateral trade with our global allies as we embrace a fast-changing world," he said.
Australian Minister for Trade, Tourism and Investment Dan Tehan said the UAE was Australia’s largest trade and investment partner in the Middle East.
“The UAE is Australia’s gateway to the Middle East and presents an opportunity for greater trade diversification,” Tehan said.
He confirmed that Australia and the UAE will pursue a Comprehensive Economic Partnership Agreement (CEPA) to grow the trade relationship between both countries, creating new jobs and opportunities for exporters.
Both countries have agreed to undertake preparatory discussions and domestic consultations as soon as possible, with a view to commencing formal trade negotiations in the near future, Tehan added.
A trade deal with the UAE would be a first for Australia in the Middle East. The CEPA, a bilateral free trade agreement, has significant potential to strengthen and deepen the dynamic relationship between the two countries, said a statement released by Tehan's press office.
In 2020, two-way trade between Australia and the UAE was worth $6.8 billion and two-way investment was $16 billion, the statement added.
