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FINANCIAL NEWS
GCC, Australia to sign free-trade agreement
01 Apr 2015
(MENAFN) The Australian Trade Minister is set to conclude a free-trade agreement (FTA) with UAE, Saudi Arabia, Kuwait and the entire GCC, Gulf News reported.
In 2014, the bilateral trade between the GCC and the Aussie government reached USD9.14 billion, with food industry taking 36 percent trade contribution between the two parties.
However, the GCC governments are alarmed that weak oil prices could make hindrances concerning the deal and result in losing more revenue associated with trade tariffs.
“We are very keen to put the argument very firmly that negotiations with Australia should be resumed as a priority and that’s the message the minister will carry,” the Australian Ambassador to the UAE and Qatar said.
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