The UAE and Australia have affirmed their commitment to the free trade agreement between Australia and the GCC, being an efficient mechanism conducive to broadening economic ties.

This came during the maiden session of the joint UAE- Australia Economic Committee, which convened in Sidney under the chairmanship of Sultan bin Saeed Al Mansouri, Minister of Economy, and Australian Minister for Trade, Tourism and Investment Steven Ciobo, with the two sides underlining the importance of advancing bilateral relations and exploring fresh prospects for cooperation at the economic and developmental levels.

The meeting laid special focus on boosting partnerships across a number of primary platforms, including SMEs, innovation, agriculture, food supplies, financials, tourism and civil aviation, education, and commerce in addition to utilising the joint ventures that can be generated through EXPO 2020 Dubai.

Al Mansouri hailed the distinctive economic relations between the two countries as reflected by the significant volume of non-oil trade exchange, which amounted to US$2.8 billion last year, with the Australian investments in the UAE gaining momentum in light of the robust presence of Australian companies in the UAE market. "The year 2015 saw the registration of 41 Australian firms, 66 trade agencies and 1684 trade marks, at the Ministry of Economy, in addition to free-zone companies," the minister noted.

"However, such figures don't precisely reflect the immense potential boasted by the two nations across multiple primary domains specially in light of the critical transformation undertaken by the international economy," said the minister in his speech at the committee meeting, noting that the UAE is Australia's top trade partner in the Middle East. "Up to 25,000 Australians are living in the UAE, a fact which provides the basis for broadening channels of cooperation and partnerships between the two countries to a higher level."

For his part, the Australian minister said the joint committee is a key stepping stone for advancing relations with the Gulf region, where the UAE represents a major country for boosting investments in Australia.

"Up to 350 Australian firms are now based in the UAE, a country which represents an important gateway for Australian businesses to the region on account of its significant geographical position that makes it a primary destination for Australian nationals travelling to the Middle East region," the Australian minister added.

The meeting was attended by the UAE Ambassador to Australia Dr. Obaid Al Hairi Salem Al Ketbi, and a number of top executive of the Ministry of Economy and representatives of the Ministry of Environment and Climate Change, Ministry of Education, Insurance Authority, UAE Central Bank and Masdar. A number of top Australian executives also attended the meeting, including the Deputy Minister for Foreign Affairs and Trade and Assistant Minister for Foreign Affairs and Trade for the Middle East.