Trade relations deepen with judicial agreement
SHANGHAI — Trade ties between the UAE and China received a significant boost on Thursday with the signing of a landmark cooperation agreement between two of the countries’ key commercial courts. The Shanghai High People’s Court, the foremost business court in the commercial and financial centre of mainland China, and the DIFC Courts have agreed to work together to achieve shared strategic objectives, provide the basis for future judicial exchanges, and deliver legal excellence.
The DIFC Courts are the first foreign commercial court to cooperate closely with the Shanghai High People’s Court, with the agreement designed to reinforce commercial links between the two cities by bringing certainty to businesses through enabling them to trade securely.
Annual trade between the UAE and China is estimated to be worth in excess of $55 billion annually, while more than 4,200 Chinese companies are currently operating in the UAE. The DIFC has particularly close links to China and is home to four of its biggest banks.
The agreement was signed by the respective heads of the two courts, Chief Justice Michael Hwang and vice president Sheng Yongqiang, ahead of Dubai Week in China.
Hwang said: “Given the strength of trade ties between the UAE and China, we have made forging links with our counterparts in the world’s second largest economy a strategic priority in recent years, particularly given Dubai’s position as an important node for China’s ‘One Belt One Road’ initiative. We have now reached the stage where we can formalise these relationships and work together to make a significant contribution to the Dubai-China relationship in relation to judicial matters. The DIFC Courts and Shanghai High People’s Court are at the heart of business in our respective countries, with this agreement creating a valuable framework to support the increasing number of companies operating between the UAE and China.”