Australia Seals Trade Deal with UAE, Removing 99% Tariffs

Australia has finalized a trade agreement with the United Arab Emirates, eliminating tariffs for 99% of Australian products. This deal is expected to save A$135 million ($91 million) and increase Aussie exports by A$678 million annually. It also aims to boost investment in critical minerals and the mining sector.

Australia announced on Tuesday that it has reached a trade agreement with the United Arab Emirates, effectively eliminating tariffs on about 99% of Australian exports. This landmark deal is projected to save A$135 million ($91 million) in the first year alone.

The UAE, Australia's largest trade partner in the Middle East, engaged in bilateral trade worth A$9.9 billion last year, with two-way investments totaling A$20.6 billion. The new agreement is expected to boost Australian exports by A$678 million annually. 'This deal is more than just numbers,' said Trade Minister Don Farrell.

The agreement also includes a framework to enhance Abu Dhabi's investment in critical minerals and benefits the mining industry with reduced tariffs on alumina exports. UAE Minister of Foreign Trade Thani Al Zeyoudi celebrated the deal on social media, announcing a new era of cooperation and opportunity.

(With inputs from agencies.)