Saudi Arabia and Australia Sign Agreement to Boost Trade Ties
In a move set to strengthen trade relations between Saudi Arabia and Australia, the two countries have signed an agreement aimed at enhancing cooperation across multiple sectors.
The memorandum of understanding was signed between the Australia Saudi Business Council & Forum and the Export Council of Australia, focusing on industry, mining, food, agriculture, technology, and artificial intelligence.
The deal is expected to provide more opportunities for Australian exporters to collaborate with Saudi entities, ultimately boosting bilateral cooperation.
During the signing of the agreement, President of the Australia Saudi Business Council & Forum, Sam Jamsheedi, and CEO of the Export Council of Australia, Arnold Jorge, expressed their commitment to identifying initiatives that facilitate connections between the two countries.
According to the UN Comtrade database, Australia’s exports to Saudi Arabia totaled $789.65 million in 2023, while the Kingdom’s exports to Australia amounted to $702.75 million during the same period.
The Australia Saudi Business Council, established in 2013, aims to promote ongoing bilateral trade between the two nations.
In a separate collaboration, Saudi-based Abdel Hadi Al-Qahtani and Sons Co. and Australia’s SSS Group signed a $27 million deal to produce scaffolding systems in Saudi Arabia using local resources.
Australian Ambassador Mark Donovan highlighted the significance of the cooperation agreement, emphasizing the growing investment ties between the two countries in various sectors such as education, healthcare, aviation, and services.
The agreement comes amidst Australia’s University of Wollongong’s plans to open branches in the Kingdom, further solidifying the expanding business relationships between Saudi Arabia and Australia.