Australia has successfully concluded negotiations on a Comprehensive Economic Partnership Agreement with the United Arab Emirates (UAE).

The deal, announced on Sept. 17, aims to enhance trade and investment flows and open new markets for Australian exporters. 

While the exact terms of the deal for seafood have not been fully published, the Australian Seafood Trade Advisory Group has expressed optimism. It said exports such as toothfish, mussels, and abalone were previously subject to a 5% tariff.

Industry body Seafood Industry Australia provided a submission to the government in September 2022 recommending negotiators pursue the removal of all seafood tariffs.

The UAE, Australia's largest trading partner in the Middle East, accounted for AUD 9.9 billion ($6.75bn) in two-way trade in 2023. 

This new deal will see over 99% of Australian products enter the UAE tariff-free. The anticipated tariff savings are AUD 135m in the first year, rising to AUD 160m annually as the agreement is fully implemented.

Australian farmers and food producers will benefit significantly from agricultural exports like meat, dairy, oil seeds, seafood, and grains, resulting in approximately AUD 50m in annual savings, the government said.

In a groundbreaking first, the deal includes a chapter dedicated to First Nations trade, ensuring preferential market access for Indigenous Australian businesses seeking to export to the UAE.