UAE, Australia are keen to enhance trade ties

Abu Dhabi - Al Mansouri and the Australian Ambassador explored methods of further boosting joint co-operation in areas of economic, trade and investment.



By WAM

Published: Thu 24 Mar 2016, 8:33 PM

 The UAE's non-oil trade with Australia stood at $2 billion in the first nine months of 2015, making Australia one of its major strategic trading partners, said Minister of Economy Sultan bin Saeed Al Mansouri.
During a meeting with Australian ambassador to the UAE Arthur Spyrou, the minister said there were 48 Australian companies, 60 trade agencies and 1,081 trademarks registered with the ministry while more than 130 flights weekly link the two countries.
Al Mansouri and the Australian Ambassador explored methods of further boosting joint co-operation in areas of economic, trade and investment, as well as in vital sectors of common interest, including innovation, scientific research and SMEs.
"The UAE has set a key target of building an economy that does not depend on oil revenues by creating new economic sectors and improving efficiency and productivity of current sectors. Oil today constitutes 30 per cent of the UAE's gross domestic product," Al Mansouri said.
The two sides also discussed best ways to harness Australian expertise in developing solutions for water and food security which is of special interest to the UAE.
"The UAE is looking forward to benefiting from the Australian experience in supporting 15 key economic sectors of the national economy over the next five years," Al Mansouri said.
About the GCC-Australia Free Trade Agreement, the minister said the UAE welcomes co-operation with Australia to remove any obstacles hindering the conclusion of this agreement.
The Australian ambassador said Australian businessmen were considering the UAE an important investment haven given its strategic geographic location as a major regional trade hub, competitive market, attractive investment climate, flexible investment regulations, and modern infrastructure.
In another meeting with Greek Ambassador to the UAE Dionyssios Zois, the minister said the UAE and Greece maintain a long-standing friendship, and hoped that economic and trade co-operation would elevate in parallel with that level so as to realise the interests of the two countries. - Wam


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