UAE and Australia finish talks on free trade agreement
Dropping fees on non-oil trade is projected to save $135 million in the first year and $160 million a year once the pact is implemented
Aerial view of Melbourne city skyline. (Getty Images)
The UAE and Australia have wrapped up negotiations for a free trade agreement eliminating some 99% of import and export tariffs between the two countries.
Dr. Thani Al Zeyoudi, the UAE Minister of State for Foreign Trade, announced the development in a post on X, saying the Comprehensive Economic Partnership Agreement, as the pact is called, will “secure a new era of co-operation and opportunity.”
Dropping fees on non-oil trade will result in estimated savings of $135 million in the first year and $160 million a year once the agreement is fully implemented, Australian Minister of Trade and Tourism Don Farrell said.
Australia exports a range of products to the UAE that include aluminum, coal, steel, meat, nuts, honey and seafood. Besides oil, the UAE sells furniture, copper wire, glass containers and plastic to Australia.