UAE and Australia discuss means of developing economic relations

Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance (MoF), met on Friday with Christopher Pyne, Chairman of the Australia United Arab Emirates Business Council, and the accompanying delegation at the MoF headquarters in Dubai.

The meeting sought to discuss means of developing commercial and economic relations between the UAE and Australia to achieve mutual benefits and enhance cooperation and future partnerships.

Abdullah Ahmed Al Obaidly, Director of Relations and International Financial Organisations, and Majid Ali Omran, a Consultant at MoF, and Yousuf Mohammed bin Hajar, Deputy Director of International Financial Relations Department, in addition to several officials from MoF attended the meeting.

During the meeting, Al Khoori reiterated the importance of the bilateral relation between the UAE and Australia, especially in the significant development in various economic, investment and commercial fields. He also reaffirmed the importance of supporting private and business sectors in both countries to play a pivotal role in intensifying partnerships between them.

Al Khoori said, “The UAE is keen to continue the UAE- Australian strategic dialogue to bolster bilateral relations, especially that our two great nations have been great allies and great friends that have strategic common interests. We look forward to continuing our conversations and devising solutions to face the double taxation on income challenges, as well as protect and encourage investments. This will play a key role in increasing investments and strengthening economic relations and future prospects between both countries.” The UAE and Australia stressed on the importance of periodically making joint committees between both countries and follow up with agreements issued by them; to enhance bilateral business and activate signed economic agreements.

Furthermore, encourage economic institutions in both countries to conduct more discussions and meetings to create new cooperation opportunities in various economic, investment and commercial fields including tourism, technology, real state, industry, telecommunications, renewable energy and other sectors.

Last week the UAE, represented by the Ministry of Finance (MoF), hosted the meeting of the Finance and Investment Committee of the Saudi-Emirati Coordination Council, which took place at the Partners Building at Expo 2020 Dubai, to discuss topics related financial and economic cooperation between the UAE and Saudi Arabia.

The meeting sought to follow up on the strategic initiatives in various fields, including financial services and markets, entrepreneurship support, customs cooperation and common market, and tourism and national heritage - in addition to the mechanisms for their implementation in accordance with the approved plans.

From the UAE, Younis Haji Al Khoori, Undersecretary of Ministry of Finance chaired the meeting alongside senior officials from MoF, in addition to representatives from the Ministry of Economy; Ministry of Foreign Affairs and International Cooperation; Ministry of Climate Change and Environment; Ministry of Industry and Advanced Technology; Ministry of Energy and Infrastructure; Central Bank of the UAE; as well as the Federal Authority for Identity, Citizenship, Customs and Ports Security.

From Saudi Arabia, Abdulaziz Al Rasheed, Assistant Minister of Finance for International Financial Affairs and Macro-Fiscal Policies chaired the meeting alongside senior officials from the Saudi Ministry of Finance, in addition to representatives from Saudi Ministry of Environment, Water and Agriculture; Ministry of Tourism of Saudi Arabia; the Saudi Central Bank (SAMA); Zakat, Tax and Customs Authority; General Authority for Foreign Trade; Saudi Standards, Metrology and Quality organisation (SASO); Saudi Food and Drug Authority; and the Saudi Export Development Authority.

During the meeting, Younis Haji Al Khoori welcomed the Saudi delegation and praised the strong relations between the UAE and Saudi Arabia and both nations’ leaderships. His Excellency said: “The UAE is keen to strengthen the strategic partnership and bilateral cooperation between the two brotherly countries in the financial, economic and investment fields, in order to achieve their common vision, ensure the continuation of development, progress and prosperity for their peoples, and build a more sustainable future for generations to come.”

Dr Abdulaziz Al Rasheed said: “The meeting comes within both countries’ keenness to promote integration in various fields through the Coordination Council, which has made remarkable progress over the past five years.”

During the meeting, several sessions on various areas related to the Finance and Investment Committee were held to discuss the progress of the initiatives and ensure their implementation in accordance with the approved plans.