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
Egypt has strongly condemned on Saturday the terrorist and sabotage plots targeting the security and stability of Gulf states, most recently the United Arab Emirates and Kuwait, following the successful dismantling of Hezbollah-linked networks in both countries.
Iran's military issued a stark warning Saturday, threatening to launch "violent strikes" against the UAE emirate of Ras Al Khaimah if Abu Dhabi allowed attacks against Iranian-controlled islands in the Gulf.
U.N. Secretary General Antonio Guterres welcomed the aim of Donald Trump's Board of Peace to fund and deliver the basics of a Gaza reconstruction plan to rebuild Palestinian homes and infrastructure, Politico reported on Saturday.
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