The UAE's relations with China should evolve to increase trade and economic cooperation, according to the Dubai Economic Council (DEC).
Hani Al Hameli, DEC secretary general, said in a statement yesterday that UAE-China relations should develop from cooperation to partnership, and emphasised the opportunities for Chinese firms in the UAE's energy sector.
"The ongoing economic relations between the two countries, particularly in terms of MoUs and agreements signed between them over the last years, in addition to growing trade, all these require a shift in their relations from merely cooperation to partnership. This would frame and enhance their relations in the future," Al Hameli said.
During a recent visit to China, a DEC delegation visited the People's Bank of China to discuss possible cooperation in terms of research on various economic and monetary policy issues. The bank, which was established in 1948, plays an important role in China's macroeconomic management, the DEC statement said.
Speaking about the UAE's energy sector, Al Hameli said there were huge opportunities for Chinese investment.
"What is required at this stage is to promote those opportunities through an enhanced collaboration between the UAE and the Chinese business community," he said.
The DEC team began its visit with a trip to the China Council for the Promotion of International Trade (CCPIT), where they were welcomed by Wang Jinzhen, vice-chairman of CCPIT. The meeting focused on cooperation between the CCPIT and DEC, particularly in policies that promote foreign trade.
CCPIT is the largest institution for the promotion of foreign trade in the country. Its role is to promote the development of economic and trade relations between China and other countries and regions.
The DEC delegation also visited the UAE Embassy in Beijing. Al Hameli pointed out the importance of the embassy in promoting trade between the UAE and China.
He added that relations must be supported by intensifying the cooperation and coordination across various institutions of the two countries.
Al Hameli also commented on the role that DEC plays in proposing the economic strategies that enhances the economic development of the emirate.