Customs Broker, Customs Clearance Agent - 3SIXTY5 FREIGHT AND CUSTOMS PTY LTD - Sydney, Melbourne, Brisbane, Perth, Adelaide > News > Customs > Australia-UAE Comprehensive Economic Partnership Agreement (CEPA)

Australia-UAE Comprehensive Economic Partnership Agreement (CEPA)

20
Nov
Posted by freightadmin
Category:
No Comments

Overview of the Australia-UAE CEPA

The Australia-UAE Comprehensive Economic Partnership Agreement (CEPA) was signed on November 6, 2024, marking a significant milestone in the economic relationship between Australia and the United Arab Emirates (UAE). This agreement aims to strengthen trade and investment ties between the two countries, providing numerous benefits for both parties.

Key Benefits for Australia

  1. Tariff Elimination: CEPA will eliminate tariffs on over 99% of Australian goods exports to the UAE. This includes key agricultural products such as frozen beef, sheep meat, dairy products, canola seeds, and dried pulses. Tariffs on Australian wine will also be reduced, providing preferential access to the UAE’s high-value market.
  2. Services and Investment: The agreement will create greater certainty for Australian service providers in over 120 sectors, including professional services, financial services, and education. It will also promote two-way productive foreign direct investment in priority sectors such as green and renewable energy, data centers, AI projects, minerals, food and agriculture, and infrastructure development.
  3. Sustainable Agriculture: CEPA includes a standalone chapter on sustainable agriculture and food systems, recognizing the essential role of agriculture in ensuring food security, driving climate resilience, and achieving environmental outcomes. This chapter ensures that sustainability measures do not create barriers to trade for Australian agricultural exports.
  4. First Nations Trade and Investment: The agreement features Australia’s first dedicated chapter promoting First Nations trade and investment interests. It recognizes the contribution of Indigenous Australians to sustainable agriculture through traditional knowledge, innovations, practices, and stewardship approaches.
  5. Economic Cooperation: CEPA includes chapters on economic cooperation, skilled labor mobility, gender balance and women’s economic empowerment, digital trade, government procurement, intellectual property, and competition and consumer protections. These chapters aim to facilitate trade and investment, promote economic growth, and ensure a fair and transparent trading environment.

Implementation and Future Prospects

The CEPA is expected to take effect in mid-2025, once it passes through the legislative systems of both Australia and the UAE. The agreement is currently undergoing scrutiny by the Joint Standing Committee on Treaties (JSCOT), which is inviting public submissions until January 17, 2025.

The CEPA is anticipated to provide significant economic benefits for Australia, including estimated tariff savings of $50 million per year for food and agriculture exports. It will also open up new opportunities for Australian exporters to diversify into the rapidly growing Middle East market.

Overall, the Australia-UAE CEPA represents a landmark agreement that will enhance economic ties, promote sustainable development, and create new opportunities for trade and investment between the two countries.

Exporting goods to UAE  involves several steps to ensure compliance with regulations and safety standards. You can always contact a Award winning trusted customs broker like 365freight and customs for all your Export needs.

For More Details : Click Here