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UAE Freezones Biz News Updates
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UAE's biggest industry zone signs agreement with China to boost trade
Dubai Multi Commodities Centre (DMCC), the biggest industry free zone in the
United Arab Emirates (UAE), said on Tuesday that it has signed a deal with
China to boost bilateral trade and economic ties.
DMCC signed a memorandum of understanding (MoU) with Xi'an International
Trade & Logistics Park in central China's Shaanxi province at the Xi'an
Dubai Free Trade Zone Economic Cooperation Conference 2017 held in China,
DMCC said in an e-mailed statement.
The purpose of the MoU is to open doors for businesses in the UAE and China
hoping to expand into new markets as well as organizing joint trade missions
and economic delegations, the statement said.
Both sides also aim "to work together on creating a joint special economic
zone passport for easier and more seamless cross-border trade and
collaboration," it added.
Gautam Sashittal, chief executive officer of DMCC, said developing "closer
ties in China" has become "a priority for DMCC."
"By signing this agreement with the Xi'an International Trade & Logistics
Park, we aim to further help member companies in our Free Zone connect and
trade across China and the UAE, while easing barriers to doing business
globally," he said.
Xi'an International Trade & Logistics Park was established to help Xi'an,
the capital city of Shaanxi, adjust its industrial structure and upgrade its
service industry, in order to make the city an inland logistic hub.
As the starting point of the Silk Road in ancient times, Xi'an is playing an
important role in the Belt and Road Initiative proposed by Chinese President
Xi Jinping in 2013, which aims to build a trade and infrastructure network
connecting Asia with Europe and Africa along and beyond the ancient trade
routes.
According to DMCC, China remains the UAE's top trading partner, with annual
non-oil trade at about $46 billion.
Earlier this month, the UAE's Ministry of Economy announced that the
country's investment in China totalled $2.1 billion in 2016.
Last week, DMCC announced it signed a MoU with the China Chamber of
International Commerce to explore the possibility of establishing a joint
business council, organizing bilateral trade delegations, as well as
enhancing collaboration in the legal service sector.
September 20, 2017
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Courtesy China Daily Information Co.
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