SYDNEY, Sept 17 (Askume) – Australia said on Tuesday it had reached a trade deal with the United Arab Emirates that will eliminate tariffs on almost 99% of Australian products, saving up to 135 million Australian dollars ($91 million) a year for the first time.
The UAE is Australia’s largest trade and investment partner in the Middle East, with bilateral trade volume reaching A$9.9 billion last year and total two-way investment reaching A$20.6 billion.
“Under this trade agreement, Australia’s exports are expected to increase by $678 million a year, but this deal means much more to Australia than just the numbers,” Trade Minister Don Farrell said.
The agreement includes a framework to boost investment in critical minerals from Abu Dhabi, while the mining industry will benefit from a cut in alumina export duties, Farrell said in a statement.
Australia’s main exports to the UAE include meat, dairy products, oilseeds, seafood, steel, rapeseed, nuts, honey, coal, chickpeas and lentils.
The deal is expected to become effective later this year.
The Australian Meat Industry Council welcomed the trade agreement and said it would provide farmers with greater access to important markets for Australian beef, lamb and goat meat.
(USD 1 = AUD 1.4817)
