China and the United Arab Emirates (UAE) are commemorating four decades of diplomatic relations, showcasing their enduring partnership as a model for China-Arab state relations in the modern era. This milestone comes as both nations continue to build upon a comprehensive strategic partnership established in July 2018, rooted in mutual respect, shared interests, and a collective vision for a prosperous future.
In a significant move highlighting its commitment to multilateralism, the UAE's inclusion in BRICS underscores its dedication to diversified global alliances. Both Chinese and Emirati policymakers are collaborating closely to refine their strategic agendas, aiming to address pressing global challenges such as climate change, energy sustainability, and food security.
The UAE's active participation in the Belt and Road Initiative (BRI) has been transformative, marked by a substantial $10 billion investment in the UAE-China Joint Investment Cooperation Fund. This investment, along with multiple memorandums of understanding, is driving growth across the Middle East and East Africa. Trade with BRI nations reached an impressive $305 billion in the first half of 2023, representing 90% of the UAE's non-oil trade and a 13% increase from 2022.
China remains the UAE's largest trading partner, with bilateral trade soaring to $50 billion in the first half of 2024 alone—a staggering 800-fold increase since diplomatic ties were established in 1984. Looking ahead, the two nations are aiming for $200 billion in bilateral trade by 2030, highlighting a sustained commitment to economic synergy in sectors such as telecommunications, renewable energy, transport, and tourism.
By championing the BRI, the UAE solidifies its role as a key economic powerhouse, fostering sustainable growth and international cooperation. These efforts are laying the foundation for a more interconnected global economy, positioning the UAE as a vital bridge between East and West.
Reference(s):
cgtn.com
