According to a 16 May 2016 release from the U.A.E Ministry of Finance, the U.A.E. Minister of State for Financial Affairs and the Australian ambassador to the U.A.E recently met and discussed the importance of continuing negotiations for an income tax treaty between the two countries. The two sides last discussed treaty negotiations in October 2014. Any resulting treaty would be the first of its kind between the two countries, and must be finalized, signed and ratified before entering into force.