Friday 19 October 2018

Officials at the signing ceremony

UAE, China to focus on 13 sectors to boost cooperation

UAE, September 10, 2017

The UAE and China have agreed to strengthen economic cooperation by focusing on 13 vital sectors at the sixth UAE-China Joint Economic Committee meeting in Beijing recently.

The sectors include investment, industry, energy and renewable energy, SMEs and innovative industries, health, education, tourism, infrastructure, financial services, standards and measures, space and aviation, and local cooperation, said a statement.

The UAE delegation at the meeting was headed by Eng Sultan bin Saeed Al Mansoori, Minister of Economy, while the Chinese side was led by Zhong Shan, Minister of Commerce of the People's Republic of China.

The meeting was attended by Mohammed Ahmed bin Abdul Aziz Al Shehhi, the UAE Ministry of Economy’s Undersecretary for Economic Affairs. Also present were Mohammed Al Shamsi, UAE Deputy Ambassador to China; Badir Al Musharrekh, UAE Commercial Attache in China; and senior officials and representatives of government authorities from the UAE.

The two sides also agreed to strengthen cooperation in the field of e-commerce using the experiences and practices of China. They also discussed cooperation in the field of Halal products.

They also reached an agreement on exploring cooperation in the field of intellectual property rights protection to ensure sound and sustainable bilateral trade growth.

The UAE and China also expressed their mutual desire to explore ways to increase the number of connecting flights between their countries.

The non-oil trade between UAE and China reached $46.3 billion in 2016, it was revealed at the meeting, which was aimed at promoting the economic cooperation between China and the UAE in the non-oil commercial and production sectors and it discussed latest plans to develop trade and cooperation between the two countries.

The two parties reported their achievements in the development of cooperative frameworks in several vital areas of common interest since the fifth session of the Joint Economic Committee, it said.

The joint economic committee meeting also witnessed the signing of three memorandums of understanding (MoUs) and two protocols, which included:
* MoU between the UAE Ministry of Economy and the Ministry of Industry and Information technology of China on ‘Cooperation in the fields of Small and Medium Size Enterprises (SMEs) and Innovation’;
 * MoU between the UAE Ministry of Economy and China's Ministry of Commerce on ‘Trade Remedies’
 * MoU between the UAE Ministry of Economy and the Investment Promotion Agency of the Ministry of Commerce of China on ‘Bilateral Investment and Related Trade Promotion Cooperation’;
* Cooperation Protocol between the UAE Ministry of Economy and the Ministry of Commerce of China on the ‘Five-Year Action Plan on Mutual Business Visits’;
* Cooperation Protocol between the UAE Ministry of Economy and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products of China on the ‘Implementation of the Five-Year Action Plan on Mutual Business Visits’.  

Eng Al Mansoori said: “The UAE and China enjoy strong relations based on friendship, mutual respect and common interests. Our 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 our common development aspirations.”

He added that 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. In fact, the UAE investments in China exceeded $2.1 billion in 2016.

For his part, Shan said that his country is committed to enhancing its strategic partnership with the UAE, especially in the economic and trade fields. He pointed out the importance of the agreements and memorandums of cooperation signed by the two sides, saying that they will contribute to the development of bilateral trade and investments, SMEs, and innovation.

He also underscored the great potential for further developing partnerships between the two countries, especially in light of the emergence of various development initiatives – most notably the ‘Belt and Road’ initiative. He assured 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.

The minutes of the committee's meeting confirmed the importance of cooperative and strategic links between UAE Vision 2021 and China's ‘Belt and Road’ initiative, particularly through the expansion of existing cooperative frameworks and the strengthening of economic and trade ties between UAE and China, said the statement.

Tags: | UAE | China | Cooperation | sectors | boost |

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