“A new free trade agreement with the United Arab Emirates, our largest trading partner in the Middle East, should be good news for importers and should provide greater access for Australian companies to a rapidly expanding economic market,” Innes Willox, Chief Executive of the national employer association AiGroup said.
“Trade deals reduce regulation for our export sector, which employs one in four Australians. Deeper connections with new and important partners is good for the future of our economy.
“This is the first trade agreement Australia has made in the Middle East, and will give many companies the confidence to explore the region for the first time. The potential for an agreement has been under discussion for many years and the Federal Government should be credited with completing the deal.
“It is particularly positive that this deal has been made during a period of heightened global tensions and economic uncertainty, which signals that these types of deals can still be made.
“The UAE is already a $9.3 billion customer for our goods, particularly alumina, meat and oil seeds, so this is particularly good news for our farmers and miners and those who service them.
“The UAE is a rapidly growing and diversifying economy that is also notably expanding its influence across and beyond its immediate region. This new trade agreement has significant potential to expand Australia’s trade links into the Middle East which have historically been underdeveloped.
“Modern and comprehensive rules covering investment, IP and digital trade will ensure that the relationship grows beyond the existing goods and education exports. This will provide Australian companies – particularly in industrial and energy-related sectors – with a secure entry point in the region.
“Australian companies are looking to diversify their commercial relationships to position themselves for a sustainable trading future,” Mr Willox said.
