RIYADH: Australia and the UAE have finalised a Comprehensive Economic Partnership Agreement, which could increase Australia’s yearly export revenue by A$678 million ($458 million).
Australia’s Trade Ministry said in a press release that the agreement will remove tariffs on approximately 99 percent of the nation’s goods, saving A$135 million in the first year and A$160 million yearly after it is fully implemented.
The CEPA, which is Australia’s first trade agreement with a nation in the Middle East and North Africa, intends to improve bilateral trade and investment by reducing trade procedures, doing away with tariffs on a variety of products and services, and promoting private-sector cooperation in important industries.
According to Trade Minister Don Farrell, Australia is dedicated to creating new opportunities for its exporters, farmers, producers, and businesses as a trading nation.
“Australian exports are predicted to rise by $460 million annually under the terms of this trade agreement, but the significance of this agreement goes beyond figures. In order to realise our goal of becoming a superpower in renewable energy, a trade agreement with the UAE will make it easier for investment to enter important sectors, said Farrell.
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