Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

Hopefully, the Greens won't take credit for my question either! My question is to the Minister for Trade and Tourism, my very good friend Senator Farrell. That's twice this week, actually. Late last year, as many would be aware, Australia and the United Arab Emirates announced the commencement of negotiations towards a trade and investment agreement between our two great countries that will lay the groundwork for closer economic ties. Yesterday, Minister, you announced the conclusion of the negotiations with the United Arab Emirates. Could you please inform the Senate about the key outcomes of the agreement and identify the benefits for Australia?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Ciccone for his important question and the wonderful work that he does each and every day for the great state of Victoria. Yes, I can answer that question, Senator Ciccone. Yesterday the Albanese Labor government announced the conclusion of a trade negotiation with the United Arab Emirates. It was an important day for Australia's international economic engagement.

The UAE is Australia's largest trade and investment partner in the Middle East, with two-way trade worth nearly $10 billion in 2023. It's a great deal for Australian exporters. Over 99 per cent of Australian produce will now enter the UAE tariff free. Under the deal, Australian exports to the UAE are expected to be higher by $678 million on an ongoing basis.

In particular, exports from Senator Ciccone's own state of Victoria will benefit significantly from the agreement. For example, Victoria's exports of agricultural products will benefit from the tariff elimination, putting hardworking Victorian farmers in pole position to compete in the UAE market and the region.

Murray Watt (Queensland, Australian Labor Party, Minister for Agriculture, Fisheries and Forestry) Share this | Link to this | Hansard source

Labor delivering for agriculture again.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Indeed. I couldn't have said it better, Senator Watt. The deal also unlocks new business opportunities for Australian service providers in the UAE. In addition, the UAE has some of the largest sovereign wealth funds in the world. A trade agreement with the UAE will facilitate investment, which will help our transformation of Australia into a renewable energy superpower.

Sue Lines (President) Share this | Link to this | Hansard source

Thank you, Senator Farrell. Senator Ciccone, first supplementary?

Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

Minister, thank you very much for your answer and for highlighting the opportunities this new agreement with the UAE presents. As the co-chair, with Senator McLachlan, of the Parliamentary Friends of the UAE, I ask: can you please elaborate on how the trade agreement with the UAE will deliver real economic benefits to our miners and farmers, as well as provide cost-of-living relief to many Australian families?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Ciccone for his first supplementary question. Yes, I can. Australian exporters will benefit across the board from this comprehensive trade agreement. As mentioned, the deal will remove tariffs on over 99 per cent of Australian exports to the UAE. It will deliver real benefits for Australian farmers and food producers, with estimated tariff savings of over $50 million per year. The mining industry will also benefit through tariff cuts on exports such as alumina, which is valued at more than $1 billion currently.

For Australia, the agreement will see cheaper prices at the checkout, thanks to the tariff removal on UAE-made household items, including furniture and building supplies. Australia's households and businesses will save around $40 million a year. It's a great deal for the Australian economy. (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Ciccone, second supplementary?

Raff Ciccone (Victoria, Australian Labor Party) Share this | Link to this | Hansard source

It is, indeed, a very great deal. Minister, thank you very much for detailing how the trade and investment agreement will bring down prices for Australian consumers. Can you also further outline how the agreement supports inclusive trade, particularly for First Nations people and many businesses?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Ciccone for his second supplementary question. The trade deal with the UAE includes a dedicated chapter covering trade and labour in answer to the Greens intervention. This chapter promotes compliance with international labour standards and establishes a bilateral dialogue on labour to advance labour rights. The agreement also includes a standalone chapter on gender balance and women's economic empowerment.

An honourable senator: Hear, hear!

Yep! Importantly, the deal is Australia's first ever free trade agreement which includes a chapter on First Nations trade. This chapter provides protections for cultural and traditional knowledge and promotes exchange and cooperation activities in support of Indigenous business interests. The Albanese government is focused on advancing an inclusive approach to trade that seeks to ensure that benefits and opportunities that flow from trade flow to all Australians.