Ministry of Economy Titled 6th UAE-China Joint Economic Committee Meeting Concludes

The 6th session of the UAE-China Joint Economic Committee held in the funding of Beijing, China has actually ended. The UAE delegation was headed by H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, while the Chinese side was led by Zhong Shan, Minister of Business of People's Republic of China.

The two parties reported their achievements in the advancement of participating frameworks in several vital areas of typical passion because the 5th session of the Joint Economic Board. The most noteworthy involved trade, financial investment, energy, facilities, economic services, tourism, as well as the actions required to develop effective models for industrial cooperation and the exchange of know-how in the fields of information technology (IT).

The participants likewise shared their satisfaction over the sophisticated level of their continuously expanding bilateral economic and trade connections, and highlighted the importance of making use of the major chances offered to the companies of their corresponding countries to enhance investment and trade collaboration.

The conference was participated in by H.E. Mohammed Ahmed bin Abdul Aziz Al Shehhi, the UAE Ministry of Economy's Undersecretary for Economic Affairs. Additionally present were Mohammed Al Shamsi, UAE Deputy Ambassador to China; Badir Al Musharrekh, UAE Commercial Attache in China; and senior officials and agents of government authorities from the UAE.

Strong relationship founded on friendship
H.E. Eng. Al Mansoori said: "The United Arab Emirates and individuals's Republic of China enjoy strong relationships based upon relationship, mutual regard and usual rate of interests. Our nations value the conferences of the Joint Economic Compensation as important and highly efficient systems for promoting economic, trade and technological cooperation in line with our common development aspirations."

The Minister kept in mind that the two countries have actually authorized a number of agreements to boost and maintain cooperation on trade, investment, industry, aeronautics, small- and medium-sized enterprises (SMEs), standard and renewable resource, information technology, telecommunications, tourism, logistics, and financial services.

The numbers verify the significance of this partnership and its potential for development, sharing that non-oil trade in between their countries got to USD 46.3 billion in 2016 and keeping in mind that China is the UAE's second largest trading partner, while the UAE is among China's top trade allies in the region.

H.E. included that both countries have developed an energetic version of participation in the air travel sector, connected by greater than 75 flights a week covering various major Chinese cities. Actually, the UAE financial investments in China exceeded USD 2.1 billion in 2016.

The Minister said that under the assistance of its sensible leadership, the UAE has actually embraced an enthusiastic financial policy and developed an adaptable and open growth paradigm to deal with the changes and obstacles impacting the global economic landscape. These, he discussed, are reflected by UAE Vision 2021 which aims to develop a diversified and globally affordable economy driven by knowledge and innovation.

He included that these policies and financial development initiatives have a lot alike with China's economic direction, especially the broad growth effort 'One Belt, One Road' campaign which the UAE has guaranteed to fully sustain and contribute efficiently to.

For his part, H.E. Shan said that his country is dedicated to improving its tactical partnership with the UAE, specifically in the financial and trade fields. He pointed out the relevance of the arrangements and memorandums of collaboration authorized by the 2 sides, stating that they will certainly add to the growth of bilateral trade and investments, SMEs, and innovation.

He additionally underscored the wonderful potential for additional establishing collaborations in between both nations, particularly taking into account the development of numerous advancement campaigns-- most significantly the 'Belt and Roadway' campaign. He assured that Chinese firms continue to be very curious about the UAE markets as a result of its unique business atmosphere, which is being more enhanced by prep works for Exposition 2020 and tactical tasks in framework, transport, and various other significant areas.

13 vital sectors leading UAE-China relations
The minutes of the committee's meeting verified the importance of participating and strategic web links in between UAE Vision 2021 and China's Belt and Road initiative, particularly with the expansion of existing cooperative frameworks and the fortifying of financial and trade ties between UAE and China.

Both sides consented to proceed their joint efforts and take all the necessary procedures to enhance cooperation in the coming years by focusing on 13 vital sectors, particularly trade and economic ties, financial investment, industry, energy and renewable resource, SMEs and innovative sectors, health, education, tourist, framework, monetary services, standards and actions, area and aeronautics, and local cooperation.

They likewise reached an agreement on exploring cooperation in the defense of copyright rights to make certain audio and lasting bilateral trade growth. Both sides accepted enhance collaboration in the area of ecommerce using the experiences and techniques possessed by the Chinese as well. They likewise reviewed collaboration in Halal products.

Both sides commended their outstanding collaboration in the field of room, which represents excellent leads and consented to take their collaborations to a higher level. They also revealed their mutual need to explore means to increase the number of linking trips in between their countries in the future.

Three MoUs and two Cooperation Protocols signed
The Sixth UAE-China Joint Economic Board meeting also saw the signing of three Memorandums of Understanding (MoUs) and 2 Methods, which included;

1- Memorandum of Understanding between the UAE Ministry of Economy and the Ministry of Industry and Infotech of the PRC on 'Collaboration in the fields of Tiny and Medium Dimension Enterprises (SMEs) and Innovation'; authorized by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economic climate and H.E. Miao Wei, Minister of Industry and Information technology of PRC.

2- Memorandum of Understanding between the UAE Ministry of Economy and the Ministry of Commerce of PRC on 'Trade Remedies'; signed by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economic situation and H.E. Zhong Shan, PRC's Minister of Commerce.

3- Memorandum of Understanding in between the UAE Ministry of Economy and the Investment Promotion Firm of the Ministry of Commerce of PRC on Bilateral Investment and Related Trade Promotion Cooperation; authorized by H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs and H.E. Liu Dianxun, Director General of the Investment Promotion Firm.

4- Cooperation Protocol (1) in between the UAE Ministry of Economic climate and the Ministry of Commerce of PRC on the 'Five-Year Activity Intend on Mutual Business Visits'; signed by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy and H.E. Zhong Shan, PRC's Minister of Commerce.

5- Cooperation Protocol (2) between the UAE Ministry of Economic and the China Chamber of Business for Import and Export of Equipment and Electronic Products of the PRC on the Implementation of the Five-Year Action Plan on Mutual Business Visits.