Australia Seals Lucrative Trade Deal with UAE

Australia confirmed a trade deal with the UAE, eliminating tariffs on 99% of Australian goods and saving A$135 million in the first year. The agreement is expected to boost Aussie exports by A$678 million annually and strengthen investment in critical minerals. It will also benefit the Australian meat industry greatly.

Australia confirmed on Tuesday that it has finalized a trade agreement with the United Arab Emirates, effectively removing tariffs on 99% of Australian products. The move is projected to save Australia A$135 million ($91 million) in the first year of the agreement.

The UAE, Australia's largest trade and investment partner in the Middle East, had bilateral trade worth A$9.9 billion last year. The agreement is expected to enhance Aussie exports by A$678 million annually, with a significant part of the deal aimed at boosting investment from Abu Dhabi in critical minerals.

The Australian Meat Industry Council has hailed this agreement, noting it will provide farmers improved access to crucial markets for Australian beef, lamb, and goat meat.

(With inputs from agencies.)