Australia said on Tuesday it had reached a trade deal with the United Arab Emirates (UAE) that would remove tariffs for about 99% of Australian products and result in savings of A$135m (R1.6bn) in the first year.
The UAE is Australia's largest trade and investment partner in the Middle East with bilateral trade worth A$9.9bn (R118bn) last year, while two-way investment totalled A$20.6bn (R254bn).
"Under this trade agreement, Aussie exports are expected to increase by A$678m (R8bn) per year, but this deal means more for Australia than only numbers," said 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.
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.
The Australian Meat Industry Council welcomed the trade deal and said it would offer farmers greater access to a vital market for Australian beef, lamb, and goat meat.
Reuters
Australia reaches trade deal with UAE to boost agricultural exports, investment
Image: 123RF/Dmitry Pichugin/ File photo
Australia said on Tuesday it had reached a trade deal with the United Arab Emirates (UAE) that would remove tariffs for about 99% of Australian products and result in savings of A$135m (R1.6bn) in the first year.
The UAE is Australia's largest trade and investment partner in the Middle East with bilateral trade worth A$9.9bn (R118bn) last year, while two-way investment totalled A$20.6bn (R254bn).
"Under this trade agreement, Aussie exports are expected to increase by A$678m (R8bn) per year, but this deal means more for Australia than only numbers," said 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.
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.
The Australian Meat Industry Council welcomed the trade deal and said it would offer farmers greater access to a vital market for Australian beef, lamb, and goat meat.
Reuters
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