Australia reaches trade deal with UAE to boost agriculture exports

Australia has announced a significant trade deal with the United Arab Emirates (UAE) that will remove tariffs for about 99% of Australian products, 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 and two-way investment totalling A$20.6 billion.

Trade Minister Don Farrell highlighted that under this agreement, Australian exports are expected to increase by A$678 million per year. However, he emphasised that the deal means more for Australia than just numbers. The agreement includes a framework to boost investment by Abu Dhabi in critical minerals, and the mining industry will benefit from tariff cuts on alumina exports.

Australia’s top exports to the UAE include meat, dairy, oil seeds, seafood, steel, canola seeds, nuts, honey, coal, chickpeas, and lentils[1]. The deal is expected to become effective later this year.