Friday, June 21, 2024
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A Deal is signed by Australia and Saudi Arabia to Expand Trade.

Riyadh: The signing of an agreement to enhance cooperation across various sectors is expected to strengthen trade ties between Australia and Saudi Arabia.

An announcement on press releases stated that the Export Council of Australia and the Australia Saudi Business Council & Forum signed the memorandum of understanding. The agreement will also emphasise cooperation in industry, mining, and food, in addition to agriculture, technology, and artificial intelligence.

The agreement is expected to augment bilateral cooperation by providing Australian exporters with more avenues for collaboration with Saudi entities.

Jamsheedi said that as part of this strategic alliance, we aim to collaborate closely in identifying projects that promote relations between Saudi Arabia and Australia.

According to the UN Comtrade database, Australia’s exports to Saudi Arabia were $789.65 million in 2023, while the Kingdom’s exports to Australia came to $702.75 million during the same 12-month period.

We will pool our resources and networks to enhance the success of partnerships and collaborations between pertinent organizations and individuals of our two countries,” stated Jorge. The Australia-Saudi Business Council was established in 2013 to support ongoing bilateral trade between the two countries.

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