The UAE and China Strengthen Economic Cooperation
The governments of the UAE and China agreed to enhance cooperation in a number of sectors and areas of mutual interest.
This was during the 8th meeting of the Joint Economic, Trade, and Technical Committee.
These sectors include:
- The new economy and entrepreneurship
- Technology
- Tourism
- Small and medium-sized enterprises (SMEs)
- Energy and renewable energy
- Agriculture
- Aviation
- Logistics and transportation
- Infrastructure
- Industry
The goal is to promote sustainable economic development in both countries.
Key Points
- The UAE is the third-largest source of foreign direct investment (FDI) into China.
- The number of Chinese tourists visiting the UAE exceeded one million in the first ten months of 2023.
- The UAE has invested $10 billion in a joint China-UAE investment fund to support projects of the Belt and Road Initiative (BRI).
- The two countries signed a Memorandum of Understanding (MoU) to boost digital economy growth in both markets.
- Both sides agreed on the importance of continued joint efforts to explore further opportunities for economic cooperation in priority sectors at the governmental and private levels.
Expected Outcomes of the New Cooperation Between the UAE and China
- Increased mutual investments between countries
- Growth in bilateral trade
- New job creation
- Promotion of sustainable economic development
Next Steps
- Regular meetings to follow up on the progress of signed agreements
- Encouragement of communication between the Emirati and Chinese business communities
- Facilitation of trade in goods and services between the two countries
#AbuDhabi hosts more than 6,000 participants among 180 delegations from various countries of the world to participate in the meetings of the World Trade Organization
welcome all participants and confirm that #UAE supports all efforts to facilitate the movement of global trade pic.twitter.com/ZnFXbVhqz9— UAE Voice (@uae_voiceeng) February 26, 2024
Additional Information
The UAE and China have a long-standing relationship dating back over 40 years.
In addition to strong economic ties, with bilateral trade reaching $15 billion in 2022.
The UAE is a major hub for Chinese businesses in the Middle East.
While China is a key partner for the UAE in its BRI strategy.
The UAE is seeking to diversify its economy and attract more foreign investment and China is looking to expand its economic footprint overseas.
This agreement is a significant development in the relationship between the both countries.
As it will lead to increased cooperation between the two countries in a number of key sectors.
Which will have a positive impact on the economies of both countries and will also promote sustainable economic development in the region.
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