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 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 © Mena Today
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.
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.
($1 = 1.4817 Australian dollars)
Reporting by Renju Jose in Sydney
UAE President Sheikh Mohamed bin Zayed Al Nahyan has reaffirmed that empowering Emiratis and strengthening national identity remain central pillars of the UAE’s development vision, as the country marks its 54th Eid Al Etihad.
Saudi Arabia wants to attract a greater number of Japanese companies as the kingdom accelerates efforts to draw foreign investment and support its broad economic diversification agenda, the head of its sovereign wealth fund said on Monday.
Pope Leo will meet with leaders from Lebanon's diverse religious sects on Monday, where he is expected to urge them not to flee the country despite years of conflict, political paralysis and economic crisis that have prompted waves of migration.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.