The UAE has signed agreements with China's Hainan Province in four major sectors, significantly increasing bilateral trade relations. The agreements struck in technology, logistics, services, and free zones will strengthen the UAE's fast increasing trade and investment links with the Chinese province, according to a statement issued by the Ministry of Economy.
According to the ministry, bilateral non-oil trade between the UAE and Hainan will exceed $900 million in 2022.
“Bilateral trade and investment flows between the UAE and Hainan continue to not only deepen but also diversify. The agreements we have concluded, reflect the growing synergies that exist between our two thriving economies," Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, said at the Hainan Promotion Conference in Dubai.
"Our shared belief in rules-based trade and the ongoing development of world-class logistics infrastructure provide the ideal platform to accelerate our trading relationship and secure vital East-West supply chains.”
China is the UAE's top global trade partner with the value of non-oil trade between the two countries having exceeded Dh264.2 billion ($72 billion) in 2022, according to official data. The two countries expect bilateral trade to hit $200 billion by 2030, as per national news.
China is also the third largest foreign investor in the UAE, with a Dh34 billion foreign direct investment balance in 2021. The UAE joined the Brics alliance, which also includes Brazil, Russia, India, China, and South Africa, last month. The UAE, Saudi Arabia, Egypt, Iran, Ethiopia, and Argentina were invited to join.