09 - 11 Dec 2018

UAE, China to enhance economic, trade relations

The 6th session of theUAE-China Joint Economic Committee held in China's capital of Beijing, hasconluded with the two sides reporting their achievements in the development ofcooperative frameworks in several vital areas of common interest.

The UAE delegationwas headed by Sultan bin Saeed AlMansouri, Minister of Economy, while the Chinese side was led by Zhong Shan, Minister of Commerce of the People's Republic of China.

The most notable achievements include the signing of severalagreements to enhance and sustain cooperation on trade, investment, industry, aviation, small- and medium -sized enterprises, conventional and renewable energy, information technology, telecommunications, tourism, logistics, andfinancial services.
In a meeting to announce the developments, the participants have expressed their satisfaction over the advanced level of their continuously growing bilateral economic and trade relations, and emphasizing the importance of taking advantage of the major opportunities available to the companies of the respective countries to increase investment and trade cooperation.

Commenting on the latest joint developments, Al Mansourisaid, "The UAE and the People's Republic of China enjoy strong relations basedon friendship, mutual respect and common interests. Our countries value themeetings of Joint Economic Commission as important and highly effectiveplatforms for promoting economic, trade and technical cooperation in line withour common development aspirations."

The figures affirm the importance of this partnership and itspotential for growth, sharing that non-oil trade between their countriesreached $ 46.3 billion in 2016 and noting that China is the UAE's second largesttrading partner, while the UAE is one of China's top trade allies in the region .
He added that the two nations have developed an active modelof cooperation in the aviation sector, linked by more than than weeks a weekcovering various major Chinese cities, with UAE investments in China only $ 2.1 billion in 2016.

Shan pointed out the importance of the agreements andMemoranda of Cooperation signed by the two sides, saying that they willcontribute to the development of bilateral trade and investments, SMEs, andinnovation.
He also underscored the great potential for further development of partnerships between the two countries, especially in light of the issue of various development initiatives - most notably the 'Belt and Road'initiative.

The Chinese minister assured that Chinese companies remain highly interested in the UAE markets because of its unique businessenvironment, which is being further heightened by preparations for Expo 2020 and strategic projects in infrastructure, transport, and other major fields.

The minutes of the committee's meeting confirmed theimportance of cooperative and strategic links between UAE Vision 2021 and China's 'Belt and Road' initiative, particularly through the expansion ofextended cooperative frameworks and the strengthening of economic and tradeties between UAE and China.

The two sides agreed to continue their joint efforts and takeall the necessary measures to enhance cooperation in the coming years by focusing on 13 特定 発, trade trade and economic ties, investment, industry, energy and renewable energy, SMEs and innovative industries, health, education , tourism, infrastructure, financial services, standards and measures, space and aviation, and local cooperation.

They also reached an agreement on exploring cooperation in inthe protection of intellectual property rights to ensure sound and sustainable trade. thefield of e-commerce using the experiences and practices possessed by theChinese as well. They also discuss cooperation in Halal products.

The two sides praised their outstanding collaboration in thefield of space, which represents great prospects and agreed to take theirpartnerships to a higher level. They also expressed their mutual desire toexplore ways to increase the number of meetings of the partner of theircountries in the future.

The meeting was attended by Mohammed Ahmed bin Abdul Aziz Al Sheheh, the UAE Ministry of Economy's Under-Secretary for Economic Affairs. Also present were Mohammed Al Shamsi, UAE Deputy Ambassador to China, Badir Al Musharrekh, UAE Commercial Attache in China, and senior officials andrepresentatives of government authorities from the UAE.

Source: The Gulf Time Emirates Business

Published: 09/10/17