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UAE And China To Deeper Trade Ties Between The Two Countries

Highness Sheikh Mohammed bin Zayed, who is Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces begin on the official trip along with 200 UAE-based business leaders. The UAE's delegation of business leaders and companies to China is likely to result in deeper trade ties between the two countries.

The UAE Ministry of Economy, in cooperation with a number of government agencies, will organise an economic, investment and trade forum on the sidelines of the visit to understand and find out maximum opportunities to boost bilateral economic ties in years to come.

The UAE is expected to play an important role in China's Belt and Road Initiative as a logistics hub strategically located between Asia, Europe and Africa.

An official reception wi ll also be held to mark the 35th anniversary of the UAE-China relations.

Essa Abdulla Al Ghurair, Board Member of Dubai Chamber who is joining the UAE delegation, said China and the UAE have already been enjoying strong economic and political relations and the Belt and Road initiative will take these ties to the next level.

"The UAE is a key connection point for China's Belt and Road Initiative, only to be encouraged by Dubai's Silk Road strategy that will seek to develop the emirate's logistics sector as it cements its status as a strategic link in global trade."

It is approximate that around 70 per cent of Chinese exports are re-exported from the UAE to other markets in the GCC, India and North Africa.

Located along the New Silk Road, the UAE serves as a gateway for Chinese companies to easily access emerging markets.

China was Dubai's biggest trading partner in 2018, with Dh139 billion ($37.8 billion) worth of trade.

Bilateral trade surged 11.37 per cent during first five months of 2019 to $19 billion.

Source : newzmart
Posted on :8/19/2019