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His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the strategy to expand the country’s network of trade partners has achieved a new qualitative leap with the announcement of reaching the final terms of the Comprehensive Economic Partnership Agreement with Australia, which is its first trade agreement with a country in the Middle East and North Africa region, and provides a promising trade and investment corridor between two fast-growing regions..
Al Zeyoudi added, “This historic agreement, which I and His Excellency Don Farrell, Minister of Commerce and Tourism, announced the successful completion of its negotiations, stems from a solid foundation of thriving trade relations, as non-oil bilateral trade continued its upward trend and increased by 10% in the first half of 2024, recording $2.3 billion.”.
Meanwhile, Australia said it had reached a trade deal with the UAE that would eliminate tariffs on about 99% of Australian products, saving $135 million Australian dollars ($91 million) in the first year..
The UAE is Australia’s largest trading and investment partner in the Middle East, with bilateral trade worth A$9.9 billion last year, while total bilateral investment is A$20.6 billion..
“Under this trade agreement, Australian exports are expected to increase by A$678 million a year, but this agreement means more to Australia than just numbers,” said Trade Minister Don Farrell.».
He added in a statement that the agreement includes a framework to enhance Abu Dhabi’s investments in basic minerals, and the mining sector will benefit from the cancellation of customs duties on alumina exports..
Australia’s top exports to the UAE include meat, dairy products, oilseeds, seafood, steel, canola seeds, nuts, honey, coal, chickpeas and lentils..
The agreement is expected to enter into force later this year..
The Australian Meat Industry Council welcomed the trade agreement, saying it would provide farmers with greater access to Australia’s vital market for beef, lamb and goat..
