Sydney: The UAE and Australia have affirmed their commitment to the free trade agreement between Australia and the GCC, calling it an efficient mechanism conducive to broadening economic ties.
This came during the maiden session of the joint UAE-Australia Economic Committee, which convened in Sydney under the chairmanship of Sultan Bin Saeed Al Mansouri, Minister of Economy, and Steven Ciobo, Australian Minister for Trade, Tourism and Investment, with the two sides underlining the importance of advancing bilateral relations and exploring fresh prospects for cooperation at the economic and developmental levels.
The meeting laid special focus on boosting partnerships across a number of primary platforms — including small-to-medium-sized businesses (SMEs), innovation, agriculture, food supplies, financials, tourism and civil aviation, education, and commerce — in addition to utilising the joint ventures that can be generated through Expo 2020 Dubai.
Al Mansouri hailed the distinctive economic relations between the two countries as reflected by the significant volume of non-oil trade exchange, which amounted to $2.8 billion (Dh10.28 billion) last year, with the Australian investments in the UAE gaining momentum in light of the robust presence of Australian companies in the UAE market.
“The year 2015 saw the registration of 41 Australian firms, 66 trade agencies and 1,684 trade marks at the Ministry of Economy, in addition to free-zone companies,” the minister noted.