<?xml version="1.0" encoding="ISO-8859-1"?> <docID>329240</docID> <postdate>2024-09-17 14:25:58</postdate> <headline>Australians to save at checkout under UAE trade deal</headline> <body><p><img class="wp-image-329241" src="https://citynews.com.au/wp-content/uploads/2024/09/20240912193869504276-original-1-scaled.jpg" alt="" width="900" height="600" /></p> <caption>The trade deal with the UAE is "a very good deal for Australia", Trade Minister Don Farrell says. (Mick Tsikas/AAP PHOTOS)</caption> <p class="wire-column__preview__author"><span class="kicker-line">By <b>Dominic Giannini</b> in Canberra</span></p> <p><strong>Cheaper household items and building materials for chippies are on the cards after Australia secured a free trade deal with the United Arab Emirates.</strong></p> <p>Australian farmers, including beef and sheep producers, will save about $50 million a year on their exports, Trade Minister Don Farrell says.</p> <p>Households and businesses will save $40 million a year.</p> <p>Tariffs will be cut on jewellery, perfumes, furniture, copper wire, glass containers and plastic imported from the Middle East.</p> <p>Emirati tariffs will be cut on 99 per cent of Australian products entering the country, with an estimated saving of $135 million in the first year and $160 million annually once the pact is fully phased in.</p> <p>"The deal we have concluded with the UAE is of high quality and it's a very good deal for Australia," Senator Farrell told reporters in Canberra on Tuesday.</p> <p>Senator Farrell called on unions to back the agreement after some raised concerns about poor conditions for workers in the Emirates, the criminalisation of homosexuality and little climate action.</p> <p>The Australian Council of Trade Unions has opposed preferential market access for countries with poor labour rights.</p> <p>The free trade agreement would benefit Australian workers and businesses, the trade minister said.</p> <p>Investment from a multitrillion-dollar Emirati investment fund would flow into Australian markets, especially in the critical minerals and renewable energy sectors, Senator Farrell said.</p> <p>"Where there's been a free trade agreement with the UAE, the sovereign wealth fund has followed," he said.</p> <p>"I'm absolutely certain, because of the interest in the critical mineral space by so many countries, including the UAE, that we'll get lots and lots of extra investment there."</p> <p>There is no investor-state settlement dispute mechanism, which allows an investor to bring a claim against one of the states in the agreement.</p> <p>The pact will be signed in coming weeks but will not become law until it's ratified by both countries.</p> <p>It comes as Australia tries to diversify business markets after China leveraged billions of dollars of punitive tariffs and restrictions over a years-long trade war that has since thawed.</p> <p>The two-way goods and services trade with the Emirates was worth $9.3 billion in 2022, putting it as Australia's 19th largest trading partner, according to government figures.</p> <p>Australian exports include alumina, meat, oil seeds and higher education.</p> <p>UAE investment in Australia was $12.6 billion in 2022.</p> </body>