Today, the Albanese Labor Government took the next major step towards implementation of our landmark trade agreement with the United Arab Emirates.
The passing of necessary legislation today will incorporate the Australia-United Arab Emirates Comprehensive Economic Partnership Agreement (CEPA) into law.
Marking Australia's first trade agreement in the Middle East region, this deal delivers on the Albanese Government's commitment to open new export opportunities and create more well-paying local jobs through trade.
The UAE is Australia's largest trade and investment partner in the Middle East with total trade between Australia and the UAE worth $12.3 billion in 2024.
When fully implemented, over 99 per cent of Australian products will enter the UAE tariff free, including meat, dairy, grains and minerals. The agreement will also deliver cheaper prices at the checkout, with Australian households and businesses saving around $40 million a year.
Details on the full CEPA package, including independent modelling and key benefits to agricultural businesses and Australia more broadly are published on the DFAT website.
Quotes attributable to Minister for Trade and Tourism, Senator the Hon Don Farrell:
"We are a trading nation. More trade means more higher-paying jobs, more opportunities for businesses, greater investment and cheaper bills for Australian households."
"As Australia's first trade agreement in the Middle East, this unlocks significant potential in the region."
"Passing this legislation is an important step in locking in the gains we've made which will deliver for Australian businesses, local jobs and Australian consumers."
"We will continue working closely with the UAE to bring it into force as soon as possible."
