Australia secures trade deal with UAE, eyes cash for critical minerals

Agreement will boost exports by AU$678m a year, minister says

20240917 Australia and UAE

The flags of Australia, left, and the United Arab Emirates. Australia is hoping that a trade deal the countries have completed will lead to investment for its minerals sector. (Source photos by Reuters and AP)

SHAUN TURTON, Nikkei staff writer

SYDNEY -- Australia wants investments from United Arab Emirates' sovereign wealth funds to boost its critical minerals sector, Trade Minister Don Farrell said on Tuesday after announcing the countries had completed a trade deal.

Farrell said the pact, which has faced opposition from trade unions concerned about labor conditions in the Middle Eastern monarchy, is expected to boost exports by 678 million Australian dollars per year and would open the door to more investment from the oil and gas rich-state.

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