Economy Ministry discusses co-operation with China

Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, has discussed with Gao Yan, Vice Minister of Commerce of the People's Republic of China, and the delegation accompanying him, ways of enhancing bilateral relations in various economic sectors and investment opportunities between the two countries during the coming phase.

During the meeting, the two sides emphasised the common desire to co-operate for the completion of the negotiations of the Free Trade Agreement (FTA), between China and the countries of the Gulf Cooperation Council (GCC), for its direct impact on the promotion of joint economic relations between the two countries.

The meeting was attended by Juma Al Kait, Assistant Under-Secretary for Foreign Trade at the Ministry of Economy; Abdullah Al Fin Al Shamsi, Assistant Under-Secretary for Industry Affairs; Sultan Darwish, Director of Trade Negotiations Department of the World Trade Organisation and Chan Jingbao, Consul-General of China to the Country, Commercial Counsellor of the Chinese Embassy, and a number of senior officials of the Chinese Ministry of Commerce.

Abdullah Al Saleh stressed the depth of economic and commercial ties between the two countries as China is the second largest trading partner of the country and the UAE is an outlet for about 60 per cent of the total Chinese exports to the region.

Al Saleh said that the UAE is keen to enhance bilateral relations with China in various sectors and to co-operate in order to support the contribution of the private sector in raising the economic partnership between the two countries as the volume level of Chinese investment the country is still less than the potential and capabilities possessed by countries.

He added that the bilateral relations between the two countries exceed the volume of trade exchange, where the UAE embraces about 300,000 Chinese expatriates living in it, as well as more than 4,000 Chinese companies operating in the country, about 250 Chinese commercial agencies, and more than 5,451 Chinese brands registered to the ministry.