Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, Minister of State for Foreign Trade Dr Thani Al Zeyoudi, Australian Minister for Trade and Tourism Don Farrell and Australian Minister for Foreign Affairs Penny Wong during the signing of the agreement in Canberra. EPA
Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, Minister of State for Foreign Trade Dr Thani Al Zeyoudi, Australian Minister for Trade and Tourism Don Farrell and Australian Minister for Foreign Affairs Penny Wong during the signing of the agreement in Canberra. EPA
Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, Minister of State for Foreign Trade Dr Thani Al Zeyoudi, Australian Minister for Trade and Tourism Don Farrell and Australian Minister for Foreign Affairs Penny Wong during the signing of the agreement in Canberra. EPA
Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs, Minister of State for Foreign Trade Dr Thani Al Zeyoudi, Australian Minister for Trade and Tourism Don Farrell and Aus

UAE and Australia sign Cepa deal to boost trade to $15bn by 2032


Alkesh Sharma
  • English
  • Arabic

The UAE and Australia have signed a comprehensive economic partnership agreement (Cepa) to enhance trade flow and boost investment between the two countries.

The deal will “create a range of opportunities for our respective businesses, investors and entrepreneurs”, Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, wrote in a post on X.

“By removing or reducing tariffs, lifting barriers to trade and enhancing market access, we now have the potential to boost our trade threefold – from $4.23 billion in 2023 to $15 billion by 2032,” Dr Al Zeyoudi said.

After the signing, the UAE delegation also signed an investment protection agreement and five initial agreements aimed at accelerating capital flow into key sectors, including renewable energy, infrastructure, AI, mining and agriculture.

Bilateral non-oil trade between the countries reached $2.3 billion in the first half of 2024, an increase of 10 per cent compared to the same period last year, according to official figures

Australia exports many products to the UAE, including alumina, coal, steel, meat, dairy, oil seeds, seafood, canola seeds, nuts and honey. The agreement is also expected to cut Australian import tariffs on UAE-produced furniture, copper wire, glass containers and plastic.

The deal was signed by Dr Al Zeyoudi and Australian Minister of Trade and Tourism Don Farrell in Canberra. It was witnessed by Sheikh Abdullah bin Zayed, Deputy Prime Minister and Minister of Foreign Affairs and Australian Minister for Foreign Affairs Penny Wong.

On December 13 last year, Australia and the UAE announced the commencement of negotiations for the arrangement to boost economic ties.

The conclusion of negotiations on the Cepa was announced on September 17.

The UAE is Australia's largest trade and investment partner in the Middle East. With $9.43 billion in two-way goods and services trade last year (over $10 billion pre-Covid), according to the Australian government’s Department of Foreign Affairs and Trade website. The UAE is also Australia's 21st largest trading partner globally.

UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi, left, and Australian Minister for Trade and Tourism Don Farrell shake hands during the signing of the deal in Canberra. EPA
UAE Minister of State for Foreign Trade Dr Thani Al Zeyoudi, left, and Australian Minister for Trade and Tourism Don Farrell shake hands during the signing of the deal in Canberra. EPA

Goods and services exports to the UAE were worth $5.2 billion last year and were dominated by alumina, meat and oil seeds. Australian goods and services imports from the UAE were worth $4.7 billion last year and mainly consisted of petroleum products and urea.

Australia will export more than 99 per cent of its products to the UAE without tariffs under the deal. This will result in estimated savings of $135 million in the first year and $160 million a year once the agreement is fully introduced, Mr Farrell said in September when Cepa talks were concluded.

As of last year, the two countries have also committed a combined $14 billion to each other’s economies, with more than 300 Australian businesses operating in the UAE in construction, financial services, agriculture and education.

Last year, UAE investment in Australia was estimated at close to $12.7 billion according to Australian Bureau of Statistics data.

The UAE has been strengthening its trade ties with countries around the globe to boost non-oil foreign trade.

Last month, the UAE signed the agreement with Jordan, its first with a fellow Arab country to deepen trade ties between the countries. In September, the Emirates concluded Cepa talks with New Zealand and has also revealed plans to hold negotiations with Japan to finalise a pact.

The UAE aims to sign 26 Cepas, with deals reached already with India, Turkey, Indonesia, Cambodia, Georgia, South Korea, Chile and Mauritius. Talks are under way with other countries, including the Philippines. Cepas are expected to add about 2.6 per cent to the UAE's economy by 2030, Dr Al Zeyoudi said previously.

In the first half of this year, the country’s non-oil foreign trade hit a record Dh1.4 trillion ($381.21 billion), up 11.2 per cent on an annual basis amid a 25 per cent rise in non-oil exports on new Cepas, the UAE Government Media Office said in August. The country, as part of its national economic goals, is pursuing the target of Dh4 trillion in foreign trade by 2031.

The new Cepas are also supporting the UAE's economy, which is expected to grow 4 per cent this year, up from the previous estimate of 3.9 per cent in June, the latest report by the UAE Central Bank showed.

Company Profile:

Name: The Protein Bakeshop

Date of start: 2013

Founders: Rashi Chowdhary and Saad Umerani

Based: Dubai

Size, number of employees: 12

Funding/investors:  $400,000 (2018) 

U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh

UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith

A new relationship with the old country

Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates

The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:

ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.

ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.

ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.

ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.

IN WITNESS WHEREOF the undersigned have signed this Treaty.

DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.

Signed

Geoffrey Arthur  Sheikh Zayed

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

Scorecard

Scotland 220

K Coetzer 95, J Siddique 3-49, R Mustafa 3-35

UAE 224-3 in 43,5 overs

C Suri 67, B Hameed 63 not out

Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Power: 268bhp / 536bhp
Torque: 343Nm / 686Nm
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
On sale: Later this year
Key findings of Jenkins report
  • Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
  • Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
  • Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
  • Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
RESULTS

1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)

2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard

2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.

3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer

3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.

4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman

4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.

The years Ramadan fell in May

1987

1954

1921

1888

The specs: 2019 Jeep Wrangler

Price, base: Dh132,000

Engine: 3.6-litre V6

Gearbox: Eight-speed automatic

Power: 285hp @ 6,400rpm

Torque: 347Nm @ 4,100rpm

Fuel economy, combined: 9.6L to 10.3L / 100km

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The five new places of worship

Church of South Indian Parish

St Andrew's Church Mussaffah branch

St Andrew's Church Al Ain branch

St John's Baptist Church, Ruwais

Church of the Virgin Mary and St Paul the Apostle, Ruwais

 

The%20specs
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Updated: November 06, 2024, 2:26 PM