Australian Commerce Minister Don Farrell attends a press convention following a gathering with Chinese language Commerce Minister Wang Wentao, in Beijing, China Might 12, 2023. REUTERS/Florence Lo/Pool/File Photograph Purchase Licensing Rights
CANBERRA, Dec 13 (Reuters) – Australia will begin negotiating a commerce settlement with the United Arab Emirates (UAE) subsequent 12 months, Commerce Minister Don Farrell mentioned on Wednesday, because it seeks to diversify its exports and transfer away from reliance on China.
The transfer comes after commerce talks between Australia and the European Union collapsed in October, with Canberra saying the EU didn’t provide sufficient market entry for its agricultural merchandise.
Farrell has been urgent for Australia to not over-rely on China after Beijing reacted to Australia’s name for an inquiry into the origins of COVID-19 by imposing restrictions on a spread of imports from the nation.
“The Authorities is dedicated to securing a commerce settlement with the UAE to drive Australian exports, financial progress and create extra well-paying jobs throughout the nation,” Farrell mentioned in an announcement.
He added that the federal government was “dedicated to supporting Australian companies (to) diversify abroad markets”.
Australia’s commerce ministry mentioned two-way commerce in items and companies between Australia and the UAE was value $9.3 billion in 2022.
It mentioned the UAE was Australia’s nineteenth largest buying and selling companion and key Australian exports to the nation included alumina, meat, oil seeds, and better schooling.
Reporting by Peter Hobson;
Modifying by Sandra Maler
Our Requirements: The Thomson Reuters Belief Ideas.
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