SYDNEY — Australia said on Tuesday it had reached a trade deal with the United Arab Emirates that would remove tariffs for about 99 percent of Australian products, and resulting in savings of A$135 million ($91 million) in the first year.

The UAE is Australia's largest trade and investment partner in the Middle East with bilateral trade worth A$9.9 billion last year, while two-way investment totaled A$20.6 billion.

"Under this trade agreement, Aussie exports are expected to increase by A$678 million per year, but this deal means more for Australia than just numbers," Trade Minister Don Farrell said.

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The deal includes a framework to boost investment by Abu Dhabi in critical minerals, while the mining industry will benefit with tariff cuts on alumina exports, Farrell said in a statement.

Australia's top exports to the UAE include meat, dairy, oil seeds, seafood, steel, canola seeds, nuts, honey, coal, chickpeas and lentils.

The deal is expected to become effective later this year.

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The Australian Meat Industry Council welcomed the trade deal and said it would offer farmers greater access to a vital market for Australian beef, lamb, and goat meat.