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UAE-China trade grows 9% to $12.5b in 2010

Abdullah Ahmed Al Saleh

The Ministry of Foreign Trade (MoFT) in a statement said that the trade between UAE and China recorded a growth of nine per cent reaching $12.5 billion in 2010.

MoFT, which is organizing the participation of a UAE delegation to the China (Ningxia) International Trade and Investment Fair (CITIF) and the China-Arab States Economic and Trade Forum running from September 21 to 25, 2011, at the capital of the Ningxia Hui Autonomous Region, said that UAE and China were exploring avenues to enhance the bilateral trade.

The Ministry of Foreign Affairs, local and federal governmental agencies, the Chamber of Commerce and Industry, departments of economic development and a number of national firms from various sectors such as ADNOC, Borouge and Julphar will form part of the contingent. The success of the country’s inclusion in last year’s CITIF edition has urged many UAE firms and organizations to join the event this year.

The delegation will be headed by Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Foreign Trade. MoFT will provide support and facilities to national firms participating in CITIF to help expand their businesses locally and abroad, encourage them to engage in business and investment partnerships with Chinese firms, actively promote UAE-made products in Asian and Chinese markets, and highlight the various opportunities offered during the Fair. CITIF will be held under the theme “Pass on Friendship, Push Forward Cooperation and Seek for Common Development” and will be attended by around 500 leading local and international leading companies from all over the world, most of which will be from Arab and Islamic countries. The Forum and Fair being held in conjunction with the China-Arab States Culture and Art Festival are under the patronage of the Ministry of Commerce of China, the China Council for the Promotion of International Trade (CCPIT), and the People’s Government of Ningxia Hui Autonomous Region.

Abdullah Al Saleh emphasized the importance of maximizing the UAE’s participation in the major Fair. He explained that the Emirates’ distinct representation reflects the country’s comprehensive developmental upswing particularly in its trade and economy via its high-level manufacturing and production segments in various sectors.
Al Saleh added that the event would also consolidate the presence and export potential of UAE-made products across the international markets and promotes UAE-based investment opportunities essential to the increased flow of Foreign Direct Investment (FDI).

China is the second largest foreign business partner of UAE. In spite of the global recession, both countries have managed to maintain a high level of trade. Their bilateral exchange grew by 9.5 per cent in Q1 2011, with non-exports increasing by 74.3 per cent and imports by 75.4 per cent. Non-oil trade rose around nine per cent over 2009 to reach $12.5 billion last year. Tourism, Halal foods, Islam-related goods, financial services, real estate, construction and energy are among the strategic areas China and the UAE consider in their economic and trade cooperation.

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Posted by on Sep 18 2011. Filed under Regional. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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