A new free trade agreement with the United Arab Emirates (UAE) will facilitate an extra $678 million worth of Australian exports into the Middle East country each year.
Prime Minister Anthony Albanese said the agreement, which comes into effect tomorrow (October 1), would mean 99 percent of Australia’s exports would, when the deal is fully implemented, enter the UAE duty free.
Prime Minister Albanese said Australian farmers, miners, manufacturers and other exporters would save $185 million in its first year.
“The UAE is already Australia’s largest trade and investment partner in the Middle East, with over $12.3 billion in two-way goods and services trade in 2024,” he said.
“Under this agreement, trade will accelerate, with independent modelling estimating an additional $678 million in Australian goods exports to enter the UAE annually.”
Prime Minister Albanese said the agreement would help attract some of the largest sovereign wealth funds in the world to Australia and would facilitate investment opportunities across the economy, including in renewable energy, digital infrastructure, agriculture and minerals.
He said the commencement of the free trade agreement coincided with 50 years of diplomatic relations between Australia and the UAE, and the elevation of the relationship to a Strategic Partnership.
“Our first trade deal in the Middle East provides Australian businesses with a competitive advantage in this fast-growing region. More trade means more opportunities for economic growth.
“As an important global logistics centre and hub, the UAE will serve as a gateway for Australia’s exports to the broader region and beyond.”
