UAE, Australia Conclude Negotiations on Comprehensive Economic Partnership Agreement

The negotiations built on the growing economic relations between the UAE and Australia. WAM
The negotiations built on the growing economic relations between the UAE and Australia. WAM
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UAE, Australia Conclude Negotiations on Comprehensive Economic Partnership Agreement

The negotiations built on the growing economic relations between the UAE and Australia. WAM
The negotiations built on the growing economic relations between the UAE and Australia. WAM

The UAE and Australia have finalized negotiations on a landmark Comprehensive Economic Partnership Agreement (CEPA) between the two countries that will, once ratified and implemented, represent Australia’s first trade deal with a country in the MENA region, Emirates News Agency (WAM) reported Tuesday.

The UAE-Australia CEPA will streamline trade processes, eliminate tariffs on a wide range of goods and services, create new opportunities for investment, and encourage private-sector collaboration in priority sectors, WAM said.

The negotiations built on the growing economic relations between the UAE and Australia, with bilateral non-oil trade reaching US$2.3 billion in H1 2024, an increase of 10 percent from H1 2023.

The UAE is Australia’s leading trade partner in the Middle East and its 20th largest partner globally. As of 2023, 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 sectors such as construction, financial services, agriculture, and education.

The “CEPA will unlock significant opportunities for UAE businesses and provide Australian companies with a gateway to new markets across the MENA region,” UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi said.

As for Australia’s Minister for Trade and Tourism, Don Farrell, he stated: “Australian exports are expected to increase by $460 million per year, but this deal means more for Australia than just numbers. A trade agreement with the UAE will facilitate investment into key sectors, which is important to achieving our ambition of becoming a renewable energy superpower.”

Foreign trade remains the cornerstone of the UAE’s economic agenda. In 2023, the UAE’s non-oil trade in goods reached an all-time high of $712 billion, a 14.3 percent increase compared to 2022 – and 36.8 percent more than 2021.

A CEPA with Australia will be a significant addition to the UAE's foreign trade network, which is helping to propel non-oil foreign trade towards its target of AED4 trillion ($1.1 trillion) by 2031.



Saudi Arabia Forging Ahead in Building its First Nuclear Power Plant 

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
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Saudi Arabia Forging Ahead in Building its First Nuclear Power Plant 

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)
Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz addresses the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna. (Saudi Energy Ministry)

Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz underlined on Monday the importance of the nuclear security and safety system and that the responsibility for maintaining this system within any country rests entirely with the state in line with its national requirements and international obligations.

He also announced that the Kingdom is forging ahead in benefiting from nuclear energy.

“Given the importance of nuclear energy in social and economic development, the Kingdom is moving towards benefiting from nuclear energy and its radiation applications for peaceful purposes,” declared Prince Abdulaziz at the 68th Session of the General Conference of the International Atomic Energy Agency in Vienna.

“The Kingdom continues to implement its national nuclear energy project with all its components, including the construction of its first nuclear power plant to contribute to the national energy mix and to achieve the sustainable national development in accordance with the national requirements and within the framework of the international commitments,” added Prince Abdulaziz, who is also Chairman of the Board of Directors of King Abdullah City for Atomic and Renewable Energy and Chairman of the Board of Directors of Nuclear and Radiological Regulatory Commission.

The Kingdom has completed the essential administrative preparations related to nuclear regulatory framework and the requirements for implementing to the Comprehensive Safeguards Agreement and has submitted a request to the Agency in July of 2024 to rescind the Small Quantities Protocol and implement the full Comprehensive Safeguards Agreement, he revealed.

Saudi Arabia is currently working with the IAEA to finalize all necessary subsidiary arrangements for the Small Quantities Protocol to be effectively rescinded by the end of December of this year.

In his statement, Prince Abdulaziz stressed that the Kingdom continues to stand by its legally binding international commitments related to its national nuclear energy project. Its national legislation and institutional infrastructure satisfy all requirements for controlling nuclear materials and technology, as well as regulating exports, consistent with its obligations and fulfilling its important role under the international non-proliferation regime.

He extended his gratitude to IAEA Director General Rafael Grossi and the Deputy Director for Safeguards for their efforts that have allowed the Kingdom to reach this stage.

Moreover, Prince Abdulaziz announced that the Kingdom will host an international conference on nuclear emergencies in Riyadh at the end of 2025 as part of the Kingdom's focus on preparedness to nuclear emergencies and in recognition of the IAEA’s important role in this area.

The Kingdom is looking forward to the cooperation between countries to ensure the success of the conference, which will contribute to boosting the global response to nuclear and radiological emergencies, building on the IAEA and its International Emergency Center's work.

He also highlighted the Kingdom's participation in strengthening the radiological monitoring and early warning capabilities for nuclear incidents at the international center by providing the opportunity to benefit from its national capabilities in the global system of radiological monitoring and early warning.

The Kingdom is pleased to offer its capabilities to the IAEA and the International Emergency Center in other areas, including predicting the environmental impacts of nuclear and radiological incidents, said the minister.

“As part of developing the Kingdom's efforts in the cooperation with the IAEA, the Kingdom deposited, on August 7 its instrument for acceptance of the IAEA's Agreement on the Privileges and Immunities,” continued Prince Abdulaziz.

“The Kingdom is committed to several international instruments related to nuclear fields, including those concerning nuclear security, safety, and safeguards. The Kingdom is also collaborating with the IAEA to host a workshop on the Joint Convention on the Safety of Spent Fuel Management and the Safety of Radioactive Waste Management, which will invite states non-party to the Convention to boost global efforts towards the universality of this Convention,” he added.

Furthermore, Prince Abdulaziz stressed that the Kingdom has benefited from the IAEA's Integrated Regulatory Review Service (IRRS) mission, which completed its task in October 2023. He said the mission has played an effective role in assessing the national nuclear regulatory efforts and the overall integration of national nuclear regulatory framework.

It commended the Kingdom's commitment to radiation safety standards and noted the progress in the regulatory nuclear and radiological framework and the commitment to continuously developing practices according to the highest international standards.