Flinders University is working with the Council of Arab-Australian Relations (CAAR) on a project to develop Arab-Australian investment and trade relationships through the promotion of shared legal understandings and the breaking down of cultural barriers.
The Department of Foreign Affairs and Trade, through its CAAR division, has provided funds to run the project, which includes research on current comparative Arab-Australian corporate and trade law and how regulatory and cultural differences affect commercial and investment relationships.
The project will also feature a one-day international conference, which will be live streamed from Adelaide on 20 April covering a variety of themes, including “Doing Business in the UAE, Dubai and the MENA (Middle East and North Africa) region”, creating new markets through financial services, insolvency, Charity Law, Islamic law, Future Mobility, and cultural perceptions of Australia’s destination markets.
“Arab countries have legal systems based on civil law tradition and Islamic law with similar elements of modern corporations, investment and trade principles,” says Associate Professor Esmaeili, an internationally recognised authority on Middle Eastern Law.
“This project recognises the inextricably linked nature of law and culture in international trade relations, particularly in the Middle East,” he says.
The project aims to provide a springboard for multi-lateral networking between business investors, primary industry bodies, government ministers, diplomatic missions, researchers and professional advisers to remove many misunderstandings, particularly in relation to the legal cultures of the Arab World.
Building effective trade relations and attracting foreign direct investment between Australia and the MENA region will assist in diversifying trade markets to benefit Australia’s businesses, producers and the economy.
The MENA market is worth approximately $US1 billion, with $US163 million just for the agribusiness sector. It boasts one of the youngest and fastest growing populations in the World expected to reach 580 million people by 2030.
It is a highly sophisticated market with geopolitical tensions easing at a rapid pace. All in all, a very attractive proposition for any exporter out of Australia.
Exports to the MENA region increased by 19% in 2018-19, adding more than A$2 billion in value (Austrade country trade data), however, significant growth opportunities remain for Australian companies, particularly in automotive parts, wheat, grains, proteins and dairy. The education sector is also a key growth market for Australia, with the possible impact on international student numbers pending recovery post COVID-19.
Keynote speaker Dr Susan Karamanian, Dean of College of Law, Hamad Bin Khalifa University, will present on Arab-Australia trade and investment challenges in the international economic climate.
The Ambassador of Morocco, His Excellency, Mr Karim Medrek, will officially open the conference, which is being partnered by local law firm Laity Morrow, leading Middle East law firm Al Tamimi, and the Australia Arab Chamber of Commerce and Industry, the peak national association for two-way trade and investment between Australia and the Arab League Countries.
Flinders Associate Professor Brand says corporate and official government department support has been very strong for the project and livestreamed conference.
“We have already received a great deal of interest in this project as there are limited resources available in relation to the corporate law of Arab nations from the perspective of Australian investors,” Associate Professor Brand says.
“The outcomes of the project will be disseminated through networks developed at the conference and through the University’s existing links with members of the legal industry engaged in Arab-Australian commercial activities for the benefit of a range of stakeholders, including industry bodies, investors and Arab and Australian businesses.”
Feedback received by the project team suggests more can be done to increase awareness and understanding between Arab and Australian legal cultures, with more effective trade relations likely to provide great benefits to Australia’s businesses, producers and the economy.
Developing Markets and Cultural Perspectives: 2021 Arab-Australian International Business and Corporate Law Conference will be livestreamed on 20 April. Click here for more information and registration details.