Australia and Saudi Arabia ink Agreement to Expand Trade Relations

Australia and Saudi Arabia ink Agreement to Expand Trade Relations

RIYADH: Australia and Saudi Arabia have inked a deal to increase sector-wide cooperation, boosting trade relations between the two nations. According to a press release, the Australia Saudi Business Council & Forum and the Export Council of Australia signed the memorandum of understanding.

The accord will prioritize collaboration in the fields of agriculture, technology, artificial intelligence, mining, and industry, as well as food. The agreement will improve bilateral cooperation by giving Australian exporters more chances to work with Saudi organisations.

We will collaborate closely to identify projects that strengthen ties between Australia and Saudi Arabia as part of this strategic partnership, Jamsheedi stated.

Australia contributed $789.65 million in exports to Saudi Arabia in 2023, as per the UN Comtrade database.

However, during the same 12-month period, the Kingdom’s exports to Australia totaled $702.75 million. A new and transformed Saudi Arabia is looking for business relationships around the world, and that’s what we’re very pleased to be a part of,” said Donovan at that time.

Jorge declared, “To increase the success of collaborations and partnerships between relevant organisations and individuals of our two countries, we will combine our resources and networks.”

The Australia-Saudi Business Council was established in 2013 to promote continuous bilateral trade between the two countries.

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