Australia eyes free trade agreement with GCC

The Australian Trade Commission (Austrade) has launched the third edition of its annual campaign in the Middle East North Africa (MENA) region to promote the bilateral trade, investment and cultural ties that exists between Australia and the Gulf Cooperation Council (GCC). The program’s activities will extend to Saudi Arabia, Kuwait and the UAE.
Australia already boasts A$12 billion trade with the GCC, which is comparable to India, and the GCC states are its 13th largest trading partner.
For the second consecutive year, Australian Minister for Trade and Investment Andrew Robb is visiting the region to participate in the Australia Unlimited (AU) MENA program and meet with senior ministers in Saudi Arabia, Qatar, Kuwait and the UAE to continue discussions around negotiations for a free trade agreement with the GCC.
AU MENA has adopted an overarching theme of innovation for the 2015 event. Australia’s innovative approach and expertise meets the GCC region’s future needs in areas of sustainability, economic diversification and human capital.
There are three core strands to AU MENA 2015, including the ministerial mission, which has bilateral trade, sovereign wealth funds and furthering the FTA discussions on the agenda; the CEO mission, which will include 16 senior executives from Australia’s leading business organizations and universities accompanying the minister and the trade missions, which are focusing on sustainable urban development, education and vocational training, and healthcare.
In 2013 to 2014, Australia’s merchandise exports to Saudi Arabia totaled A$2.24 billion with passenger motor vehicles as the top commodity export, with other major exports including barley, beef and wheat.
Education is one of the most significant industry sectors, and on April 15, at the International Exhibition & Conference on Higher Education (IECHE), there is an Australian pavilion representing 29 Australian universities.
In 2014, there were more than 10,100 Saudi enrollments in Australian educational institutions, which is the largest body of students from the Middle East region. Vocational education and training is also a growing sector, with both Box Hill Institute and Central Queensland University with an ongoing presence in Saudi Arabia.
Australia Unlimited MENA 2015 is supported by strategic partner — Dubai Land Department, platinum sponsors — Qantas and the state government of Victoria, and gold sponsors — Navitas, Dubai Airport Freezone, and One & Only Resorts.