RIYADH, May 22 (Arab News): Trade ties between Saudi Arabia and Australia are set to strengthen after the two countries signed an agreement to improve cooperation across multiple sectors.
According to a press statement, the memorandum of understanding was inked between the Australia Saudi Business Council & Forum and the Export Council of Australia.
The agreement will focus on cooperation in industry, mining and food as well as agriculture, technology, and artificial intelligence.
The deal will increase the opportunities for Australian exporters to collaborate with Saudi entities, enhancing bilateral cooperation.
The agreement was signed by the President of the Australia Saudi Business Council & Forum, Sam Jamsheedi, and Arnold Jorge, CEO of the Export Council of Australia, during the latter's visit to the Kingdom with a delegation.
"Under this strategic partnership, we will seek to work together closely in identifying initiatives that facilitate connections between Australia and Saudi Arabia," said Jamsheedi.
According to the UN Comtrade database, Australia's exports to Saudi Arabia stood at $789.65 million in 2023.
On the other hand, the Kingdom's exports to Australia amounted to $702.75 million over the same 12-month period.
"We will combine our resources and networks to boost the success of collaborations and partnerships between relevant organizations and individuals of our two countries," said Jorge.
The Australia Saudi Business Council was formed in 2013 to facilitate the promotion of ongoing and bilateral trade between the two nations.
In November, Saudi-based Abdel Hadi Al-Qahtani and Sons Co. and Australia's SSS Group signed a $27 million deal to collaborate in the production of scaffolding systems in Saudi Arabia using local resources.
Saudi Arabia, Australia sign deal to boost trade ties
FE Team | Published: May 22, 2024 23:39:07
Saudi Arabia, Australia sign deal to boost trade ties
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