In a major boost for international trade, Australia has struck a promising deal with the United Arab Emirates (UAE), eliminating tariffs on nearly 99% of Australian products. This groundbreaking agreement is set to save Australian exporters A$135 million ($91 million) in its first year, signaling a bright future for increased trade and cooperation between the two nations.
The UAE stands as Australia's largest trade and investment partner in the Middle East, with bilateral trade valued at A$9.9 billion last year. The new deal is expected to further elevate this partnership, enhancing economic ties and opening up new opportunities for growth.
Trade Minister Don Farrell highlighted the broader significance of the agreement, stating, "Aussie exports are expected to increase by A$678 million per year." Beyond the numbers, this deal is poised to foster a deeper economic relationship between Australia and the UAE, encouraging mutual investment and development.
One of the key elements of the agreement includes a framework to attract investment from Abu Dhabi into Australia's critical minerals sector, ensuring a stronger supply chain for vital resources. The mining industry, in particular, will benefit from the tariff cuts on alumina exports, which is expected to enhance Australia’s export capacity.
UAE Minister of Foreign Trade Thani Al Zeyoudi emphasized that the Comprehensive Economic Partnership Agreement marks the beginning of a new era of cooperation and opportunity. This deal positions both nations to capitalize on shared strengths and create a more dynamic trade environment.
Australia’s top exports to the UAE, including meat, dairy, seafood, steel, nuts, and grains, are set to gain even greater access to this key market. The Australian Meat Industry Council has already shown enthusiasm for the deal, which promises to expand the market reach for Australian beef, lamb, and goat meat.
Expected to come into effect later this year, this trade agreement represents a significant step forward in strengthening Australia's role in global trade, particularly in the agricultural sector, and solidifying its presence in the Middle Eastern market.
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