The UAE and China agreed to cooperate on 13 vital sectors during their sixth Joint Economic Committee session held in Beijing, according to a statement.
“The two sides agreed to continue their joint efforts and take all the necessary measures to strengthen cooperation in the coming years by focusing on 13 vital sectors, namely trade and economic ties, 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 the statement.
The session, which concluded Sunday, September 10, was headed by Sultan bin Saeed Al Mansoori, Minister of Economy, while the Chinese delegation was led by Zhong Shan, China’s Minister of Commerce.
E-commerce and trade focus
The statement added that the two parties reached an agreement on exploring cooperation in the protection of intellectual property rights to ensure sound and sustainable bilateral trade growth.
“The two sides agreed to strengthen cooperation in the field of e-commerce using the experiences and practices possessed by the Chinese as well. They also discussed cooperation in Halal products,” it said.
It added that both countries praised their outstanding collaboration in the field of space, which represents great prospects and agreed to take their partnerships to a higher level.
“They also expressed their mutual desire to explore ways to increase the number of connecting flights between their countries in the future,” said the statement.
Al Mansoori was quoted praising the strong ties between the countries. “The United Arab Emirates 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 said.
Further, he noted that the figures affirm the importance of this partnership and its potential for growth, saying: “Non-oil trade between the two countries reached $46.3 billion in 2016 while noting that China is UAE’s second-largest trading partner, knowing that the UAE is one of China’s top trade allies in the region.”
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. “UAE’s investments in China exceeded $2.1 billion in 2016,” the statement quoted Al Mansoori as saying.
Likewise, Shan said that his country is committed to enhancing its strategic partnership with the UAE, especially in the economic and trade fields.
Results of the session
The sixth Joint Economic Committee session also witnessed the signing of three Memorandums of Understanding (MoUs) and two cooperation protocols.
The MoUs cover small and medium size enterprises (SMEs) and innovation, trade remedies, and bilateral investment and related trade promotion cooperation.
As for the two cooperation protocols, they focus on the implementation of the Five-Year Action Plan on Mutual Business Visits.
Shan commented on 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.
The statement said that Shan 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 statement quoted Shan as saying.