New book on trade ties and investment opportunities in the UAE and Australia released

The Ministers discussed strategies to boost development and take advantage of all opportunities and benefits to establish joint investment projects, promote further commercial cooperation and optimize private sector relations between both countries. The two high-ranking officials also unveiled a new book titled "UAE-Australia: Expanding Trade and Cultural Links."

Also present during the meeting were Abdullah Al Saleh, Director General of the UAE Ministry of Foreign Trade; Dr. Saeed Mohammed Al Shamsi, the UAE Ambassador to Australia and New Zealand; Kym Hewett, Australian Consul-General (Dubai); Jeremy Bruer, Australian Ambassador to the UAE; George Mina, Advisor to Australian Minister for Trade; Andrea Faulkner, Australia Department of Foreign Affairs and Trade Assistant Secretary - Middle East and Africa Branch; and Kerin Ayyalaraju, Deputy Head of Mission, Australian Embassy.

The two sides discussed ways to promote tourism and related investment projects between their countries. They also commended the advanced level of bilateral relations in various fields, especially in trade and investment, referring to the competitive advantages and growth achieved by both economies in attaining broader mutual cooperation.

H.E. Sheikha Lubna added that the UAE remained eager to enhance relations with Australia, particularly in the areas of trade and investment.

The delegates reviewed the latest developments in free trade negotiations between the GCC and Australia, emphasizing the importance of completing these negotiations and signing the agreements due to their positive effect in strengthening the partnership between both regions. They also discussed World Trade Organization developments in promoting world trade, particularly the themes of the Doha Development Agenda.

The new book jointly launched by the two Ministers explores investment and trade opportunities in the UAE and Australia. It aims to strengthen trade relations between the two countries by opening up new partnership possibilities and analyzing in detail the growing trade ties between the UAE and Australia. The book states that mutually capitalizing on the various trade and investment opportunities would lead to a prosperous future and prolonged harmonious relation between the two nations.

The publication also reveals that the UAE is the second largest trading partner to Australia in the Middle East. It affirms that relations between the two countries continue to rapidly advance as the more than 300 Australian companies operating in various economic sectors continue to consolidate their local operations.

H.E. Sheikha Lubna stated in the introduction of the book that the UAE has an excellent investment environment and provides many lucrative investment opportunities. She also states that the country enjoys an excellent geographical location in addition to being a center of international trade across all Gulf countries. She added that the UAE remains a fertile investment environment for Australian companies, which can expand their operations from the UAE to the Middle East.

The Australian Trade Minister said that the economies of the two countries complement each other as each have attained significant growth which is essential to the strengthening of bilateral economic, trade and investment cooperation. H.E. Dr. Saeed Mohammed Al Shamsi added that the book "UAE-Australia: Expanding Trade and Cultural Links" will significantly contribute to stronger bilateral trade and open new doors leading to a lasting and productive partnership.

H.E. Ambassador Jeremy Bruer stated in the introduction of the book that the relations between the UAE and Australia have seen remarkable growth over the past years and that they sustain this by benefiting from the investment opportunities existing in both countries.

CEO Jaqui Lane, Focus the publisher of the book, said that new literature provides an accurate analysis of the growing trade ties between the two countries as it sheds light on the numerous opportunities offered by both countries and shows that exploiting these potentials contributes to a brighter future in UAE-Australia relations. She added that the book will be an effective marketing tool for Australian companies wishing to invest in the UAE and a potent means to attract foreign and Australian companies to the UAE.

Trade relations between the UAE and Australia have developed remarkably over the past years, with total trade reaching around Dhs10.3bn in 2007. Exports from UAE to the Australian market hit about Dhs563m while imports amounted are estimated at Dhs9.77bn.