UAE-China relations move to higher level

The United Arab Emirates and the People’s Republic of China are known to enjoy strong and stable relations based on friendship, mutual respect and common interests, said a UAE daily.

"With the recent signing of several agreements on trade, investment, industry, aviation, small and medium-sized enterprises, conventional and renewable energy, information technology, telecommunications, tourism, logistics and financial services, the relationship has moved to a much higher level," said The Gulf Today in an editorial on Tuesday.

Sultan bin Saeed Al Mansouri, Minister of Economy, has highlighted that the two countries value the meetings of the Joint Economic Commission as important and highly effective platforms for promoting economic, trade and technical cooperation in line with the common development aspirations.

Bilateral trade between the UAE and China remains robust. In fact, bilateral trade has grown almost 800-fold in three decades. China now ranks as the UAE’s largest trading partner, with a value of AED170.2 billion in 2016. Over the past three years, cumulative bilateral trade reached AED520.6 billion.

According to Abdullah Ahmed Al Saleh, Under-Secretary of Foreign Trade and Industry at the Ministry of Economy, Chinese investments in the UAE reached in excess of US$2.3 billion in 2015, with the non-oil sectors being the most beneficiaries of the growing relations between the two nations.

Non-oil industries are expected to grow by 3.3 percent during 2017 and to 3.4 percent next year on the back of the significant growth recorded in local investments and the country’s booming international trade.

The two nations have developed an active model of cooperation in the aviation sector, linked by more than 75 flights a week covering various major Chinese cities.

The UAE has also promised to fully support and contribute effectively to the Chinese "One Belt, One Road" development initiative. This will help strengthen the ties further.

With preparations for Expo 2020 and strategic ongoing projects in infrastructure, transport and other major fields, the UAE offers a robust platform for Chinese companies.

The UAE and China have adopted a similar approach to economic development. About 60 percent of China’s total trade is said to pass through the UAE, from where it is re-exported to Africa and Europe.

"By embracing the shared pasts and looking to the future for new opportunities, the two countries can together ensure peace and prosperity for the wider region," concluded the Sharjah-based daily.