17 Sep 2024
Australia reaches trade deal with UAE to boost agriculture exports
Read full article
Read full article
Share on twitter
SYDNEY, Sept 17 (Reuters) – Australia said on Tuesday it had reached a trade deal with the United Arab Emirates that would remove tariffs for about 99% of Australian products, and resulting in savings of A$135 million ($91 million) in the first year.
The UAE is Australia’s largest trade and investment partner in the Middle East with bilateral trade worth A$9.9 billion last year, while two-way investment totalled A$20.6 billion.
“Under this trade agreement, Aussie exports are expected to increase by A$678 million per year, but this deal means more for Australia than just numbers,” Trade Minister Don Farrell said.
The deal includes a framework to boost investment by Abu Dhabi in critical minerals, while the mining industry will benefit with tariff cuts on alumina exports, Farrell said in a statement.
Australia’s top exports to the UAE include meat, dairy, oil seeds, seafood, steel, canola seeds, nuts, honey, coal, chickpeas and lentils.
The deal is expected to become effective later this year.