Australia and the United Arab Emirates have agreed on the text of a Free Trade Agreement, removing tariffs on a variety of Australian exports.
This Free Trade Agreement (FTA) has been well-received by industry leaders, as it represents a key step in enhancing Australia's economic and trade relations with the Middle East, an important market for Australian red meat.
The agreement also marks a strategic opening into the Middle East, a growing market of more than 58 million people with a heavy reliance on food imports.
The National Farmers’ Federation (NFF) has welcomed today’s announcement of the trade deal with the United Arab Emirates (UAE).
NFF Chief Executive, Tony Mahar believes the Comprehensive Economic Partnership Agreement will improve access to an important market for Australian farmers, allowing them to diversify.
"The deal reflects the global demand for Australia’s premium produce and reinforces our reputation for growing sustainable, high-quality produce," Mr Mahar said.
“Tariffs have been removed from key Australian exports including beef, sheep meat, dairy, oil seeds, seafood, canola seeds, nuts, honey, chickpeas and lentils.
“The deal will deliver $50 million each year in tariff savings to Australian farmers and food producers and further support trade diversification, improving their profitability and competitiveness," he said.
The NFF thank the Albanese Government, Department of Foreign Affairs & Trade, and Department of Agriculture, Fisheries & Forestry for their work in securing new international market opportunities for Australian agriculture.
Meanwhile, the Australian Meat Industry Council (AMIC) has also voiced their approval of the Free Trade Agreement.
AMIC believes the agreement is a pivotal development in strengthening Australia’s economic and trade ties with the UAE, and the important and growing market for Australian red meat.
AMIC CEO, Patrick Hutchinson believes the FTA will situate Australia’s red meat industry in a strong position for continued growth with the elimination of tariffs on Australian red meat.
“We commend the Albanese Government for its efforts in securing this agreement, which sets a positive template for future trade deals across the region," Mr Hutchinson said.
Mr Hutchinson also noted the FTA builds on recent technical market access gains achieved through industry-led research initiatives which capitalise on Australia’s world-best hygienic meat production systems for extended meat shelf life.
These improvements have been accepted by the UAE and a number of other regional markets in recent years and are aimed at reducing food waste and increasing the commercial viability of the trade by sea freight.
AMIC encourages timely ratification and entry into force of the agreement to take advantage of new opportunities for Australian producers to engage more deeply with the UAE’s meat import sector.
Both bodies are looking forward to seeing further details of the agreement once they are available.
MORE TO COME.