Delivering a more inclusive approach to trade and investment
Australia will commence negotiations on a trade agreement with the United Arab Emirates
The Government has announced its decision to commence negotiations on a Comprehensive Economic Partnership Agreement (CEPA) – a bilateral free trade agreement – with the United Arab Emirates (UAE) in the new year.
The UAE is Australia’s largest trade and investment partner in the Middle East and a key gateway to the region and beyond, with two-way goods and services trade valued at $9.26 billion in 2022. An ambitious Australia-UAE CEPA will reduce or remove tariffs and other barriers that disadvantage our traders. It will promote services trade, including for our education providers and professional services, and opportunities for investment. It will also lay the groundwork for a closer economic partnership that is needed to address shared challenges such as the transition to more sustainable energy.
We welcome written submissions from all interested stakeholders at the DFAT website here: dfat.gov.au/trade/agreements/ trade-agreements/ftas-under- consideration/australia-uae- comprehensive-economic- partnership-agreement-cepa. These are essential for ensuring the Government is informed on interests across business and the broader community and we get the best agreement for Australia.
Further information on the announcement is available at: trademinister.gov.au/minister/ don-farrell/media-release/ australia-united-arab-emirates- trade-agreement
Minister for Trade and Tourism, Senator the Hon Don Farrell, chaired the inaugural Trade 2040 Taskforce meeting in Adelaide on 2 November 2023.
The Taskforce brings together government, industry, unions, and community representatives to serve as a key consultation body to progress the government’s trade policy agenda. The inaugural Taskforce meeting focussed on trade diversification, the transition to net zero, Australia’s ambitions to become a renewable energy superpower, supply chain resilience and economic security. By bringing together experts from across sectors, the Australian Government aims to work collectively to ensure Australia is best placed to harness trade opportunities globally and to ensure that the benefits of trade are shared by all Australians. The Taskforce builds on and strengthens the existing consultative processes on Australia’s trade policy, strategies, and free trade agreements. It follows Minister Farrell’s second meeting of the Ministerial Council on Trade and Investment (MCTI) with his state and territory
counterparts in Sydney on 20 October 2023. Established as part of National Cabinet, MCTI provides an opportunity for more coordinated engagement across jurisdictions on Australia’s international trade and investment agenda. Commonwealth, State and Territory Ministers agreed to national principles underpinning trade promotion and investment attraction and a calendar of coordinated events. Jurisdictions also agreed to work with the First Nations business sector to develop a Statement of Intent about how government will work together to improve trade and investment outcomes for First Nations Australians. Further information on the Ministerial Council on Trade and Investment is available here: trademinister.gov.au/minister/ don-farrell/media-release/ communique-second-meeting- ministerial-council-trade-and- investment
Further information on the Trade 2040 Taskforce: dfat.gov.au/trade/trade-and- investment/trade-2040-taskforce Following a referral from Senator the Hon Don Farrell, Minister for Trade and Tourism, Parliament’s Joint Standing Committee on Trade and Investment Growth is inquiring into the Australian Government’s approach to negotiating trade and investment agreements. Further information on the inquiry is available at aph.gov.au/Parliamentary_ Above: Associate Secretary, DFAT, Tim Yeend and Minister for Trade and Tourism, Senator the Hon Don Farrell with Trade 2040 Taskforce members (L to R on table: Steven Murphy, Craig Clifford, Craig Emerson, Flavia Tata Nardini, Kate Marks, Ambassador Justin Mohamed, Cathryn Tilmouth, Swati Dave and Paul Fraser). [Taskforce members not in picture: Michelle Deshong, Michele O’Neil, Meg O’Neill and Fiona Simson]. Business/Committees/Joint/ Joint_Standing_Committee_on_ Trade_and_Investment_Growth/ Approachtotrade
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business envoy
Department of Foreign Affairs and Trade
Department of Foreign Affairs and Trade
business envoy
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