The Australian Government expects 2024 to be a robust year for Australian farmers, with enhanced market access and reduced tariff rates offering new export opportunities.
Australia’s network of Free Trade Agreements have provided new opportunities for red meat, grain, and horticulture industries, with improvements in trade agreements with the UK and India expected to further diversify these opportunities in 2024.
The agricultural export value for 2023-24 is expected to reach $67 billion, marking the second highest on record, with recent rains expected to further boost this figure.
Minister for Trade Don Farrell stated that the Federal Government will continue to push for expanded trade opportunities for Australian firms, exporters, farmers, and producers looking to diversify into new markets in 2024.
Minister Farrell said a free, open, and rules-based trading system is crucial in a global uncertain world, as it benefits the economy by creating jobs, increasing national income, and lowering living costs.
“The Albanese Government is committed to supporting our agricultural industry reach its $100 billion production goal by 2030,” the Minister noted.
“To assist the farming sector deliver on this objective, this Government will commence trade negotiations in 2024 with the United Arab Emirates, build on our trade deal with India, and support exporters take advantage of existing trade agreements, including with the United Kingdom,” he added.
Minister for Agriculture, Fisheries and Forestry Murray Watt said 2024 will bring new opportunities to the country’s agriculture industry.
“These new and exciting trade opportunities have opened new doors for Aussie farmers and producers, which is particularly great news for regional communities and local jobs,” Minister Watt stated.
According to Minister Watt, Australia aims to showcase its global reputation for delicious, high-quality produce to more consumers worldwide in 2024.
“The Albanese Government has been committed to developing strong international relationships,” he added.
“Tariff reductions and larger tariff-free quotas on key agriculture commodities under Australia’s FTAs will deliver commercially significant export diversification opportunities for our producers,” he continued.
Minister Watt said under the Australia-United Kingdom FTA, beef and sheep meat exports to the UK have significantly increased, enhancing market access to this previously restricted high-value market.
