Australia’s trade minister says escalating conflict in the Middle East could disrupt around $15 billion worth of Australian exports passing through the region.
Don Farrell said the amount represents a relatively small share of Australia’s overall trade but remains significant for businesses operating in those markets.
Speaking on ABC News Breakfast, Farrell said he would meet with representatives from 40 of the country’s largest trade organisations to assess potential impacts and ensure exporters remain supported during the uncertainty.
While some exports rely on Middle Eastern routes or markets, Farrell said Australia’s trade ties with the region have been expanding.
He pointed to the recently implemented free trade agreement between Australia and the United Arab Emirates, which has already boosted trade activity.
According to Farrell, Australia’s beef exports to the UAE have doubled within six months of the agreement coming into operation.
However, the minister said ongoing conflict and instability could affect commercial activity and supply chains in the region.
Farrell declined to speculate on how long the conflict might continue but said the government is monitoring developments while engaging closely with industry groups.
