UAE targets deeper trade ties on state visit to China

UAE targets deeper trade ties on state visit to China
Published: 23 July 2019 - 9:46 a.m.
By: Logistics Middle East Staff

The UAE's delegation of business leaders and companies to China is expected to result in deeper trade ties between the two countries, reports Khaleej Times.

His Highness Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces embarked on the official trip on Sunday, along with 200 UAE-based business leaders.

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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 explore maximum opportunities to bolster bilateral economic ties in years to come.

An official reception will 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 boosted 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."

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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.

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

It is estimated 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.

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