- H.E. Dr. Thani bin Ahmed Al Zeyoudi, MINISTER OF STATE FOR FOREIGN TRADE, UNITED ARAB EMIRATES and
- Hon Dan Tehan MP, MINISTER OF TRADE, TOURISM AND INVESTMENT, AUSTRALIA
RECOGNIZING the significant potential to promote and deepen economic relations on the basis of mutually beneficial complementarities between the United Arab Emirates and Australia;
AFFIRMING that the realization of a bilateral comprehensive economic partnership agreement will strengthen trade and enhance investment flows, remove unnecessary barriers to trade, and further create business and investment opportunities in pursuit of both countries’ strategic visions;
ACKNOWLEDGING that a comprehensive economic partnership agreement would serve as a platform for a modern and dynamic relationship between both countries;
HIGHLIGHTING the shared interest in further connecting the business communities of the United Arab Emirates and Australia to fully explore opportunities under the comprehensive economic partnership agreement;
RECALLING the Ministerial meeting held on 16 February 2022, wherein the two countries agreed to pursue their common interest to negotiate a bilateral comprehensive economic partnership agreement which will, among other aims, provide for greater market access for goods and services, enhance investment flows, and provide additional opportunities for economic and technical cooperation;
ACCORDINGLY, THE UNITED ARAB EMIRATES AND AUSTRALIA:
- Decide to undertake the required domestic procedures, including stakeholder consultations, towards negotiating a comprehensive economic partnership agreement;
- Confirm that the negotiations for a comprehensive economic partnership agreement will be carried out in accordance with the terms of reference to be determined by both countries;
- Decide to commence preparatory discussions to develop the terms of reference for a comprehensive economic partnership agreement with a view to commencing formal negotiations in the near future;
- Acknowledge that the envisioned comprehensive economic partnership agreement will be economically meaningful and reflect the specific interests, sensitivities, and existing obligations that each country may have; and
- Affirm the shared objective of achieving a forward-looking, high-quality, mutually beneficial and comprehensive economic partnership agreement that is consistent with World Trade Organization rules.
