Dubai Multi Commodities Centre (DMCC) and the China Chamber of International Commerce (CCOIC) have formed a new partnership to boost UAE-China trade.
The two entities have signed a memorandum of understanding in which they have committed to establish a joint business council, organise cross-border trade delegations as well as enhance co-operation in the legal services sector.
The efforts will target the 13,000 member companies of DMCC, a government-owned organisation to promote trade, and members of CCOIC, a nationwide trade body.
A DMCC spokesperson tells GTR that the organisation has seen interest from various sectors, including agricultural commodities, gold and jewellery, technology and household goods.
She adds that the DMCC will now work with CCOIC to identify specific projects and “ensure that the participants are well placed to leverage funding support through the direct agreements DMCC has with other Chinese government bodies”, such as its co-operation with Yinchuan, Xian and Zhongwei.
China is the UAE’s largest trading partner, and trade between the two countries is estimated at US$64.4bn in 2016, according to data from Equant Analytics presented in GTR’s annual Mena publication.
According to DMCC, 293 Chinese and Hong Kong firms are currently registered in the DMCC Free Zone. The companies primarily operate in energy, construction and commodities sectors and include the likes of China Harbour Engineering, Hikvision, Powerchina, Sepco, Yuanda and Skyworth.
Commenting on the agreement, Gautam Sashittal, CEO of DMCC, says the strategic partnership will “empower” its member companies to expand into the Chinese markets.
“By collaborating with China Chamber of International Commerce, we aim to drive the future of trade by enhancing our member companies’ ability to connect, trade and invest with businesses across China,” he says.
The agreement was signed at the China-Arab States Business Summit 2017 in Yinchuan, China.