UAE and China officials meet to boost trade ties
The trade ties between the UAE and China gain momentum as officials from the both sides met to discuss ways to boost bilateral relations.
Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy – Foreign Trade sector, met with Luo Huining, Communist Party Chief of northwest Chinese Qinghai Province, along with his accompanying delegation at the ministry’s headquarters in Dubai, according to official news agency WAM.
Al Saleh and Luo discussed ways to enhance cooperation to develop trade bonds between the UAE and the Chinese Qinghai province.
The UAE and China have been in cooperation for trade for more than 35 years and the bilateral trade between the two is growing at 16 per cent annually.
Meanwhile, China remains the UAE’s second largest trade partner as trade volume between the two countries stood at $54.8 billion in 2014.
There are more than 300,000 Chinese nationals working and living in the UAE, in addition to more than 4,200 Chinese companies, 356 trade agencies and more than 2500 trade labels registered to the ministry.
Both sides invited each other to trade events in their respective countries. Al Saleh invited the visiting delegation to attend the sixth edition of the Annual Investment Meeting 2016 in Dubai, while the Chinese delegation affirmed its desire to arrange a visit for UAE investors to Qinghai province soon.
Meanwhile, the director of Dubai Customs, Ahmed Mahboob Musabih, met with Li Lingbing, Consul-General of the People’s Republic of China in Dubai. The two sides explored Dubai-China bilateral trade ties and discussed mechanisms for further coordination in customs operations to see more growth and prosperity in their mutual trade.
The bilateral trade between the two countries was valued at AED47bn in the first quarter of 2015 and it scored a record AED175bn the last year.
“Dubai takes on a vibrant role to keep the Chinese commodities flowing to the world,” says Musabih. “Dubai has become a major platform for networking the Chinese market with European and African markets.”
“We are very keen to assist Chinese traders and investors who are willing to expand their market potential here, making best use of Dubai’s position as a fast-growing global trade hub,” he adds.