The Australian federal government has announced its plans to begin trade talks with the United Arab Emirates (UAE) in the new year. This move comes after the collapse of free trade negotiations with Europe in late October, despite attempts to finalize the deal in Osaka.
A release from the Albanese Labor government highlighted the UAE’s status as a top trading partner in the Middle East, with two-way trade worth nearly $9.3 billion in 2022. The potential agreement with the UAE could lead to increased cooperation between the two countries, particularly in areas related to the transition to net zero.
The Foreign Affairs and Trade Department is currently accepting submissions regarding the prospect of a free trade agreement with the UAE. Trade and Tourism Minister Senator Don Farrell emphasized the significance of the UAE as one of Australia’s most important trading partners.
Meanwhile, the collapse of discussions with Europe has not deterred Australia’s commitment to seeking beneficial trade agreements. Mr. Farrell underscored the government’s dedication to supporting Australian businesses in diversifying their overseas markets. Despite facing challenges in reaching a deal with the EU, Australia remains committed to fostering strong economic partnerships with a focus on national interest.