China and UAE sign more trade agreements

The UAE signed further agreements with China to increase ties with its second-largest trading partner.

The two sides agreed to expand joint efforts in 13 sectors including trade, investment, industry, energy, SMEs, health, education, tourism, infrastructure, finance and aviation.

“The UAE and China enjoy strong relations based on friendship, mutual respect and common interests,” said Sultan Al Mansoori, the Minister of Economy.

Three memorandums of understanding signed yesterday were on: SMEs and innovation; trade; and bilateral investment. In addition, protocols were signed for five-year action plans for mutual business visits with China’s commerce ministry.

Non-oil trade between the two countries stood at US$46.3 billion last year. The UAE’s investments in China were more than $2.1bn last year, including an aviation scheme that covered more than 75 flights a week to major Chinese cities.

Mr Al Mansoori said that Chinese companies remain highly interested in the UAE markets because of its unique business environment, which is being further heightened by preparations for Expo 2020 and strategic projects in infrastructure, transport and other major fields. A Dh1.35bn investment to create the China-UAE food industrial cluster was signed on Saturday between Dubai Food Park and Ningxia Forward Fund Management, consolidating Chinese food production in the Middle East food sector.

Mr Al Mansoori added that these policies and economic development initiatives have much in common with China’s economic ambitions.