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Australia lays groundwork for resumption of Gulf Free Trade Agreement talks

27 Mar 2013

Australia has registered strong interest in an early resumption of Australia-Gulf Cooperation Council Free Trade Agreement talks, according to the Saudi Arabia-Australia Joint Ministerial Commission communiqué.

Saudi Arabia, one of six countries in the Gulf Cooperation Council, expressed interest in a Double Taxation Agreement, which would help companies doing business in both places avoid two tax bills.

Minister for Trade and Competitiveness Dr Craig Emerson and the Saudi Minister for Agriculture, His Excellency Dr Fahd Abdurahman Balghunaim, co-chaired the commission.

In trade matters, Australia welcomed a 36 per cent rise in its vehicle exports to Saudi Arabia in calendar 2012, making the kingdom Australia’s largest vehicle market globally and reversing a decline that began in 2008.

The communiqué covered other areas, including agriculture. Delegates from Saudi Arabia said the kingdom would welcome more bids from Australian grain suppliers in its international tender process.