Total volume of non-oil trade exchange between the UAE and China crossed Dh174b in 2020.
The UAE and China have signed an agreement to enhance trade and customs cooperation.
The memorandum signed between the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICA) and the General Administration of Customs of China, also aims at exchanging experiences, benefits, facilities, and customs information between both countries, as well as defining joint work procedures and mechanisms for exchanging information on mutual recognition and identification of the list of authorised operators of both countries.
The memorandum was agreed upon virtually between Suoud Al Agroobi, Director of the ICA International Relations Department, and Zhang Xiuqing, Deputy Director-General of the Projects, Control, and Audit Department.
This comes at a time when the total volume of non-oil trade exchange reached record rates between both countries, despite the repercussions of the coronavirus pandemic, crossed over Dh174 billion in 2020. The total volume of non-oil trade exchange is expected to increase in the current year at large rates exceeding those achieved in 2020, where the total volume of non-oil trade exchange between both countries in the first half of 2021 amounted to about Dh103 billion, bringing the total volume of non-oil trade exchange between both countries to Dh277 billion in 18 months.
China is the second-largest trading partner of the UAE, and the leadership is keen to expand the areas of joint cooperation, and sign trade agreements that help in the growth of bilateral trade between both countries.
“The mutual recognition of the authorised economic operators is one of the global means used by customs authorities to enhance partnership with the private sector and reward the authorised operators who have passed the requirements of customs compliance standards set by the customs authorities for customs facilities, the most important of which is the reduction in customs clearance time and other facilities,” Al Agroobi said.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
