A new free trade deal with the UAE will remove tariffs on Australian lamb and beef, opening up a valuable and fast-growing market. The UAE is the fifth largest market for chilled beef and beef's 12th largest market by volume. For lamb, it is the third largest market and Australia has a 68% share of the UAE market for sheepmeat. The deal is expected to deliver $50 million in tariff savings to Australian farmers annually. The National Farmers' Federation anticipates that other commodities such as dairy, oil seeds, seafood, canola seeds, nuts, honey, chickpeas and lentils will also benefit from the deal.