Australia Signs Trade Deal with UAE to Boost Exports and Investment
Australia has entered into a new trade agreement with the United Arab Emirates (UAE). The agreements will assist the Australian companies to export more goods to the UAE and open more investments between the two countries.
Key points of the deal:
– It will eliminate taxes on roughly 99% of the Australian goods imported into the UAE.
– The first-year benefits for Australian businesses would amount to A$135 million (US$ 91 million).
– The plan is expected to boost exports by A$678 million annually in Australia.
The UAE is already an important trade partner for Australia:
– Australia’s and China’s total value of trade was A$9. 9 billion in 2022.
– Investment flows in Australia and the UAE were A$20. 6 billion.
Trade Minister Don Farrell stated that this deal is not only about figures. It will help different parts of the Australian economy:
– The mining industry will be a beneficiary of reductions in taxes on exported alumina.
– From this research, it is clear that Abu Dhabi will continue to invest in other essential minerals from Australia.
UAE Minister of Foreign Trade Thani Al Zeyoudi added that this deal will open new prospects for the two nations.
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Australia’s main exports to the UAE include
– Meats and Dairy products
– Oil seeds and nuts
– Seafood and honey
– Coal
– Chickpeas and lentils
All the same, the Australian Meat Industry Council is pleased with the agreement. It will assist the farmers in selling more beef, lamb, and goat meat to the UAE hence increasing exportation.
The trade deal is anticipated to begin frolicking later on in this year. This indicates that Australia is endeavoring to diversify its trade partners and seek new markets for its goods.
