Trade relations between Saudi Arabia and Australia are poised for significant enhancement following the signing of a new agreement aimed at fostering cooperation across multiple sectors. The memorandum of understanding was executed between the Australia Saudi Business Council & Forum and the Export Council of Australia. This pact emphasizes collaboration in key areas such as industry, mining, food, agriculture, technology, and artificial intelligence.
The agreement aims to create more opportunities for Australian exporters to engage with Saudi partners, thereby strengthening bilateral ties. The signing ceremony featured Sam Jamsheedi, President of the Australia Saudi Business Council & Forum, and Arnold Jorge, CEO of the Export Council of Australia. This took place during Jorge’s visit to Saudi Arabia with a delegation.
Jamsheedi highlighted the strategic nature of the partnership, emphasizing the intent to identify initiatives that will foster connections between the two nations. Jorge echoed this sentiment, noting the combined efforts to leverage resources and networks to enhance the success of collaborative ventures between organizations and individuals from both countries.
According to the UN Comtrade database, Australia’s exports to Saudi Arabia reached $789.65 million in 2023, while Saudi exports to Australia totaled $702.75 million in the same period. This agreement builds on a foundation of robust trade and investment ties, as evidenced by previous deals such as the $27 million collaboration between Saudi’s Abdel Hadi Al-Qahtani and Sons Co. and Australia’s SSS Group for the production of scaffolding systems.
Further reflecting the deepening relationship, Australia's University of Wollongong obtained licenses to open branches in Saudi Arabia in March, signaling growing educational ties. Australian Ambassador Mark Donovan noted that the new cooperation agreement is a testament to the evolving and strengthened investment relationships across various sectors, including education, healthcare, aviation, and services. He emphasized the dynamic and transformative nature of Saudi Arabia's current business landscape, which is increasingly open to international partnerships.