The United Arab Emirates (UAE) and Australia are on the brink of a major economic collaboration. Thani bin Ahmed Al-Zeyoudi, UAE’s Minister for Foreign Trade, announced the start of negotiations for a comprehensive economic partnership agreement with Australia on X, a social media platform.
This initiative is a crucial component of the UAE’s strategic plan to enhance its global economic partnerships. Al-Zeyoudi highlighted Australia’s significance as a trade ally, commending its dedication to open commerce and strict adherence to global trade norms.
This development forms a part of the UAE’s wider agenda to strengthen its economic and trade ties worldwide. The past year saw a 28 percent increase in non-oil bilateral trade between the UAE and Australia, totaling $4.5 billion. The proposed partnership aims to fortify these connections, focusing on reducing tariffs, expanding market access, and creating investment opportunities.
The UAE’s goal to double its international trade and grow its economy by 2030 includes forming comprehensive economic partnerships with key global economies. The nation has already secured similar agreements with countries like India, Turkey, Indonesia, Cambodia, and Georgia, and continues to seek partnerships with other key global players.
Simultaneously, the Central Bank of Iraq and the First Abu Dhabi Bank have reached an agreement to use the UAE dirham in trade and import operations. This accord, announced on December 13, was confirmed following a meeting in Dubai between Ali Al-Alaq, Governor of the Central Bank of Iraq, and Hana Al-Rostamani, President of the First Abu Dhabi Bank Group.
The agreement’s primary focus is to implement the UAE dirham in trade and import transactions. The First Abu Dhabi Bank will play a crucial role in these processes. Transactions in UAE dirhams have already started, with five Iraqi banks participating and plans for gradual expansion. This move is designed to connect Iraqi banks with the global banking system, signifying a step towards greater economic integration in the region.
Through these initiatives, the UAE is solidifying its position as a dynamic player in global trade, pursuing a vision that encompasses economic diversity and international collaboration.
BUSINESS GENERAL | UK and Chile Bolster Renewable Energy Ties: A Comprehensive Look
