{"id":75554,"date":"2023-12-14T00:00:00","date_gmt":"2023-12-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/14\/iraq-uae-to-trade-in-aed-uae-to-start-trade-talks-with-australia\/"},"modified":"2023-12-14T00:00:00","modified_gmt":"2023-12-14T00:00:00","slug":"iraq-uae-to-trade-in-aed-uae-to-start-trade-talks-with-australia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/14\/iraq-uae-to-trade-in-aed-uae-to-start-trade-talks-with-australia\/","title":{"rendered":"Iraq, UAE to trade in AED + UAE to start trade talks with Australia"},"content":{"rendered":"

The UAE and Iraq agree to trade in AED: <\/strong>First Abu Dhabi Bank (FAB) and the Central Bank of Iraq agreed on Wednesday to finance trade and imports in AED, Iraq\u2019s state news agency<\/a> reports. The banks also signed an agreement to move funding between their accounts, with the first transfer going through yesterday with five Iraqi banks.<\/p>\n

REMEMBER- Iraq has been suffering from an ongoing FX shortage<\/strong>, with Trade Bank Iraq (TBI) receiving USD shipments just last week to curb the shortage. The country has been exploring<\/a> the potential of trading with countries in currencies other than the USD, as well as implementing measures like limiting FX withdrawals, in a bid to dedollarize its economy. <\/p>\n

Meanwhile, the UAE has been actively shifting away from the USD in its trade with several countries<\/strong>, including India<\/a>. The two countries started to pay<\/a> for crude oil shipments in local currencies last August. <\/p>\n

OTHER UAE DIPLO NEWS- <\/strong> Australia will initiate negotiations on a trade agreement with the UAE in 2024<\/strong>, Australia's Trade Minister Don Farrell said in a ministry statement<\/a>. The decision is part of Australia's strategy to broaden its export markets and reduce dependence on China. <\/p>\n

Background:<\/strong> Negotiations with the UAE began after the collapse of trade talks with the European Union in October. Australia attributed the breakdown to inadequate market access for its agricultural products, Reuters<\/a> reports. \u201cThe Government is committed to securing a trade agreement with the UAE to drive Australian exports, economic growth and create more well-paying jobs across the country,\u201d Farrell said in the statement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Iraq and the UAE will launch financial transfer operations in AEDs<\/p>\n","protected":false},"author":1,"featured_media":75555,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[17,35,32,641,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-enterprise-logistics","tag-iraq","tag-trade","tag-trade-finance","tag-uae","wpautop","entry"],"acf":{"mongo_id":"1dc67efe-2b14-4c3d-b778-2dd7149ba158","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/944.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Iraq to finance its trade with AED + UAE to start trade talks with Australia","related_issue":[75549],"teaser":"Iraq and the UAE will launch financial transfer operations in AEDs","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.35518f63-a7d5-44d4-976c-cc81033abdda.mp3"},"yoast_head":"\nIraq, UAE to trade in AED + UAE to start trade talks with Australia - 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