The two parties reported their achievements in the development of cooperative frameworks in several vital areas of common interest since the fifth session of the Joint Economic Committee. The most notable involved trade, investment, energy, infrastructure, financial services, tourism, as well as the steps taken to establish effective models for industrial cooperation and the exchange of expertise in the fields of information technology (IT).

The participants also expressed their satisfaction over the advanced level of their continuously growing bilateral economic and trade relations, and emphasized the importance of taking advantage of the major opportunities available to the companies of their respective countries to increase investment and trade cooperation.

The meeting was attended by H.E. Mohammed Ahmed bin Abdul Aziz Al Shehhi, the UAE Ministry of Economy’s Undersecretary for Economic Affairs. Also present were Mohammed Al Shamsi, UAE Deputy Ambassador to China; Badir Al Musharrekh, UAE Commercial Attachein China; and senior officials and representatives of government authorities from the UAE.

Strong relationship founded on friendship

H.E. Eng. Al Mansoori said: “The United Arab Emirates and the People’s Republic of China enjoy strong relations based on friendship, mutual respect and common interests. Our countries value the meetings of the Joint Economic Commission as important and highly effective platforms for promoting economic, trade and technical cooperation in line with our common development aspirations.”

The Minister noted that the two countries have signed several agreements to enhance and sustain cooperation on trade, investment, industry, aviation, small- and medium-sized enterprises (SMEs), conventional and renewable energy, information technology, telecommunications, tourism, logistics, and financial services.

Thefigures affirm the importance of this partnership and its potential for growth, sharing that non-oil trade between their countries reached USD 46.3 billion in 2016 and noting that China is the UAE’s second largest trading partner, while the UAE is one of China’s top trade allies in the region.

H.E. added that the two nations have developed an active model of cooperation in the aviation sector, linked by more than 75 flights a week covering various major Chinese cities.In fact, the UAE investments in China exceeded USD 2.1 billion in 2016.

The Minister said that under the guidance of its wise leadership, the UAE has adopted an ambitious economic policy and developed a flexible and open development paradigm to cope with the changes and challenges affecting the global economic landscape. These, he explained, are reflected by UAE Vision 2021 which aims to establish a diversified and globally competitive economy driven by knowledge and innovation.

He added that these policies and economic development initiatives have a lot in common with China’s economic direction, especially the broad development initiative ‘One Belt, One Road’ initiative which the UAE has promised to fully support and contribute effectively to.

For his part, H.E.  Shan said that his country is committed to enhancing its strategic partnership with the UAE, especially in the economic and trade fields. He pointed out the importance of the agreements and memorandums of cooperation signed by the two sides, saying that they will contribute to the development of bilateral trade and investments, SMEs, and innovation.

He also underscored the great potential for further developing partnerships between the two countries, especially in light of the emergence of various development initiatives – most notably the ‘Belt and Road’ initiative. He assured that Chinese companies remain highly interested in the UAE markets because of its unique business environment, which is being further heightened by preparations for Expo 2020 and strategic projects in infrastructure, transport, and other major fields.

13 vital sectors leading UAE-China relations

The minutes of the committee’s meeting confirmed the importance of cooperative and strategic links between UAE Vision 2021 andChina’s ‘Belt and Road’ initiative, particularly through the expansion of existing cooperative frameworks and the strengthening of economic and trade ties between UAE and China.

The two sides agreed to continue their joint efforts and take all the necessary measures to strengthen cooperation in the coming years by focusing on 13 vital sectors, namely trade and economic ties, investment, industry, energy and renewable energy, SMEs and innovative industries, health, education, tourism, infrastructure, financial services, standards and measures, space and aviation, and local cooperation.

They also reached an agreement on exploring cooperation in the protection of intellectual property rights to ensure sound and sustainable bilateral trade growth. The two sides agreed to strengthen cooperation in the field of e-commerce using the experiences and practices possessed by the Chinese as well. They also discussed cooperation in Halal products.

The two sides praised their outstanding collaboration in the field of space, which represents great prospects and agreed to take their partnerships to a higher level. They also expressed their mutual desire to explore ways to increase the number of connecting flights between their countries in the future.

Three MoUs and two Cooperation Protocols signed

The 6th UAE-China Joint Economic Committee meeting also witnessed the signing of three Memorandums of Understanding (MoUs) and two Protocols, which included;

1. Memorandum of Understanding between the UAE Ministry of Economy and the Ministry of Industry and Information technology of the PRC on ‘Cooperation in the fields of Small and Medium Size Enterprises (SMEs) and Innovation’; signed by H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy 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 Economy and H.E. Zhong Shan, PRC’s Minister of Commerce.

3. Memorandum of Understanding between the UAE Ministry of Economy and the Investment Promotion Agency of the Ministry of Commerce of PRC on ‘Bilateral Investment and Related Trade Promotion Cooperation’; signed 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 Agency.

4. Cooperation Protocol (1) between the UAE Ministry of Economy and the Ministry of Commerce of PRC on the ‘Five-Year Action Plan 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 Economy and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products of the PRC on the ‘Implementation of the Five-Year Action Plan on Mutual Business Visits’.

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H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, led the launching of the interactive application on the ministry’s website, in the presence of H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Ministry’s Undersecretary for Economic Affairs; H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry; and H.E. Juma Mohammed Al Kait, Assistant Undersecretary at the Ministry for Foreign Trade Affairs.

H.E. Al Mansoori emphasised the Ministry’s commitment to innovate and implement intelligent solutions that will enhance the delivery of government services through the integration of the latest technologies. This is in line with the country’s aspiration to lead the Smart E-Services Index according to the objectives of the National Agenda 2021.

According to H.E. Al Mansoori, the new application contains up-to-date data regarding the UAE economic and foreign trade relations with other countries as well as investment data. It seeks to ensure efficient delivery of services, in addition to improving transparency and information accessibility.

H.E. shared the ministry’s success in providing electronic and smart services in accordance with the smart government initiative of the country’s wise leadership as well as in line with the government’s efforts to bring happiness to the people, ensure customer satisfaction, improve the efficiency of government entities, and develop a business-friendly environment globally. All these form part of the ministry’s vision to establish a diversified, competitive, and knowledge- and innovation-driven economy led by national competencies.

The interactive application developed by the Department of Analysis and Trade Information of the Ministry’s Foreign Trade Sector features data in Arabic and English and on 217 countries. The details cover the volume of investments; the number of trademarks, agencies, companies, and the investments of these countries in the UAE in terms of value and sectors; the UAE’s investments in these countries; the signed agreements; and other general information such as economic indices according to the World Bank reports.

The application also contains data on total non-oil foreign trade, including the volume of direct trade from 1999 to third quarter of 2016 and the volume of trade in free zones from 2011 to the third quarter of 2016. All data are updated automatically.

Additionally, it presents detailed information on non-oil direct foreign trade, including the top five commodities for non-oil exports, imports, and re-exports. It also includes information on bilateral agreements and Memorandums of Understanding, joint committees and events, and delegation visits.

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On the sidelines of the forum, H.E. Al Mansoori attended a bilateral meeting with the Dutch Minister of Economic Affairs in which both sides discussed the current status of their economic and trade relations as well as explored key opportunities to build ties across vital sectors, including energy technology, food, transport, and logistics.

The two sides signed a Memorandum of Understanding (MoU) on innovation during the forum to put in place an effective mechanism to facilitate knowledge and technology exchange between their respective business communities, scientific research institutions, and government agencies.

The UAE delegation comprised H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs; H.E. Mohammed Khamis Al Muhairi, Undersecretary of the Ministry of Economy and the Minister Adviser to the Tourism affairs; and H.E. Saeed Ali Al Nowais, UAE Ambassador to the Netherlands. Representatives of federal and local government agencies also joined the delegation. They included H.E. Khalifa bin Salem Al Mansouri, Acting Undersecretary of the Department of Economic Development in Abu Dhabi; Jamal Al Hai, Deputy CEO of Dubai Airports; Ahmad Obaid Al Tunaiji, Deputy Director General of the Department of Economic Development in Ras Al Khaimah; Dr. Hashim Al Nuaimi, Director of Consumer Protection Department at Ministry of Economy; Hussain Al Mahmoudi, CEO of AUS Enterprises in Sharjah; and high-ranking officials from the General Civil Aviation Authority (GCAA), Telecommunications Regulatory Authority (TRA), Abu Dhabi Fund for Development (ADFD), Dubai Chamber of Commerce and Industry (DCCI), Masdar, and the Netherlands Business Council in Dubai (NBC).

During his opening speech, H.E. Al Mansoori emphasised the vibrant economic and trade relations between the UAE and the Netherlands, as well as their shared interests in developing priority sectors as part of their respective economic development agendas. According to him, the foreign non-oil trade between the two countries amounted to about $3.8 billion by the end of 2015, and more than $2.7 billion during the first nine months of 2016.

The UAE Minister added that the next phase of their partnership will involve stronger economic relations in view of ongoing efforts to establish new cooperative mechanisms through exchange of expertise and experiences in the areas of innovation and small and medium enterprises (SMEs). H.E. Al Mansoori added that the UAE is looking forward to benefitting from the Netherlands’ wide experience in innovative science and modern technology. This will help the UAE create a knowledge- and technology-driven sectors, including renewable energy, food, transport, logistics services, health care, and smart cities.

H.E Al Mansoori pointed out that innovation is one of the key pillars of the UAE’s development vision with which the state has taken numerous initiatives to enhance its capabilities and potential, and establish supportive environment for innovation focusing on energy, transport, technology, health care, education, water and space.

H.E. also took the chance to share the UAE’s fundamental objectives, namely to be among the top 10 countries on the Global Innovation Index by 2021; increase the contribution of innovation to the gross domestic product (GDP) to 5 per cent from the current 3 per cent; and raise the share of scientific research development to the GDP to 1.5 per cent.  H.E. Al Mansoori also outlined the country’s large-scale projects on transportation and space infrastructure.

For his part, Kamp underscored his country’s keenness to enhance its cooperation with the UAE, specifically in the mutually beneficial areas of innovation and advanced technology. He noted during his speech the UAE’s steady development, making the Arab state a destination of choice for investors.

H.E. also pointed out the Dutch companies’ high interest to enhance their presence in the UAE market.

The Dutch Minister further highlighted a number of promising collaborative opportunities in the areas of research and technology, specifically in terms of the development of innovative infrastructure in transportation and advanced industries. He said that the Netherlands is one of the world’s leading countries in these fields, adding that the latest MoU will enhance the cooperative framework in this regard.

H.E. Al Mansoori and Kamp signed the MOU at the end of the forum. The terms of the agreement include enhancing and exploring wider cooperation in innovation by encouraging, facilitating, and organising exchange of experiences; and forging partnerships between their respective government entities, business incubators and startups, academic and scientific institutions, and the private sector.

The top five priority sectors:

—    Renewable energy and energy sustainability

—    Innovation in the field of food and water

—    Space and aviation

—    Innovation in life science and health care

—    Smart cities

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Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, the UAE Ministry of Economy’s Undersecretary for Economic Affairs, and Husnu Dilemre, the Acting Deputy Undersecretary of Turkey’s Ministry of Economy, will lead the technical and preparatory meeting prior to the JEC ministerial meeting in the presence of Khalifa Shaheen Al Marar, UAE Ambassador to the Republic of Turkey, along with a number of senior officials and government representatives of both countries.

The meeting’s agenda will include a discussion on forming cooperative agreements in a number of important areas, particularly the expansion of bilateral trade and the creation of a cooperative model for knowledge exchange in the areas of innovation and small and medium enterprises (SMEs). The session also seeks to highlight investment opportunities in the tourism, hospitality, food, transportation, renewable energy, health, and financial services sectors. It will discuss ways to enhance cooperation in the field of civil aviation as well.

H.E. Al Mansoori, UAE Minister of Economy, said that growth opportunities for UAE-Turkey relations have not been fully explored, adding that the resumption of the JEC between the two countries is a positive step towards advancing the level of economic and trade relations between the two countries.

He noted that innovation, SMEs and entrepreneurship are areas that hold many opportunities for cooperation and the exchange of expertise as well as the establishment of partnerships at both the government and private sector levels. He added that the UAE is highly interested in further developing areas of cooperation and creating new investment opportunities in civil aviation as the sector has a direct impact on trade and tourism flows.

The UAE minister highlighted the many achievements of the Turkish economy and its outstanding international reputation in the industrial sector, which he referred to as an important gateway to expand cooperation between the two countries through the exchange of knowledge and expertise in line with the UAE’s vision of establishing a highly advanced industrial base that adds value to the national economy.

He also emphasised the Turkish market’s importance for UAE products and exports, as well as Turkey being an access route to several European and Asian markets, similar to how the UAE provides a strategic link between the East and the West. He said that this presents promising possibilities for their joint economic and trade relations to expand to broader markets in the future.

The trade volume between the UAE and Turkey has dramatically increased in recent years, with bilateral non-oil foreign trade inclusive of free zone activities reaching $7.4 billion by the end of 2015. Turkey was the UAE’s 15th biggest global trade partner, sixth largest importer and 13th top exporter for the same year.

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