Sydney, Sept 18: Australia has concluded negotiations on a new trade agreement with the United Arab Emirates, its largest trade partner in the Middle East.
The Australia-United Arab Emirates Comprehensive Economic Partnership Agreement will open new export opportunities for Australian businesses, particularly in agriculture, mining, and higher education. In 2023, two-way trade between the countries totaled $9.9 billion, with a two-way investment of $20.6 billion.
The agreement will remove tariffs on over 99 per cent of Australian products entering the UAE, delivering estimated tariff savings of $135 million in the first year and up to $160 million per year once fully implemented.
Australian food and agriculture exports alone are expected to save $50 million per year in tariffs.
Australian miners will also benefit from reduced tariffs on key exports like alumina, valued at $1 billion in 2023.
The deal includes provisions that will enhance investment opportunities, particularly in sectors supporting Australia’s energy transition.
For Australian households and businesses, the trade agreement will lower import costs on UAE-produced goods such as furniture, copper wire, and plastic, saving an estimated $40 million annually.
Notably, the agreement features a chapter dedicated to First Nations trade, offering preferential market access for First Nations businesses exporting to the UAE.
Additionally, it guarantees 100 per cent foreign ownership for Australian service providers in sectors like education, financial services, and healthcare.
Australia and the UAE will now work to formalize the treaty text, with the agreement expected to be signed later this year.
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