RIYADH: The UAE has agreed to initiate negotiations with Australia to establish a comprehensive economic partnership agreement, according to its foreign trade minister.
Thani bin Ahmed Al-Zeyoudi announced in a statement on X, formerly known as Twitter, that the country is poised to enhance its global trade network by strengthening its ties with Australia.
This development is part of the strategic expansion of the UAE’s comprehensive economic partnership program.
Al-Zeyoudi emphasized the importance of Australia as a key economic ally. He noted that the country’s commitment to open trade and abiding by international rules makes it an ideal partner.
The endeavor comes as part of the UAE’s broader agenda to augment its economic and trade relations on a global scale.
The minister highlighted the growth in non-oil bilateral trade between the UAE and Australia, which surged by 28 percent in 2022, reaching $4.5 billion.
He anticipates that the prospective partnership will further strengthen economic ties between the two nations. The focus will be on reducing tariffs, enhancing market accessibility, and fostering investment opportunities.
The UAE’s strategy to double its foreign trade and expand its national economy by 2030 involves forging comprehensive economic partnership agreements with key global markets.
To date, the UAE has successfully signed such agreements with India, Turkey, Indonesia, Cambodia, and Georgia.
Moreover, the UAE continues its negotiations to establish similar agreements with other strategically important markets, reinforcing its presence on the global trade map.
The Central Bank of Iraq and the First Abu Dhabi Bank have formalized an agreement, announced on Dec. 13, to facilitate the financing of trade and import activities using the UAE dirham.
The apex bank released a statement detailing the outcomes of a meeting held in Dubai, where Ali Al-Alaq, governor of the Central Bank of Iraq, met with Hana Al-Rostamani, president of the First Abu Dhabi Bank Group.
The focus of this collaboration is to use the UAE dirham for trade and import transactions, with the First Abu Dhabi Bank playing a key role in these operations.
Further elaborating on the agreement, it was mentioned that the operations involving the transfer in UAE dirhams have already started.
Five Iraqi banks are initially part of this agreement, with plans to expand this network gradually. This initiative aims to enable Iraqi banks to establish connections with global banks.
