Since the establishment of diplomatic relations in 1984, China-UAE trade volume has grew from 63 million U.S. dollars in 1985 to 46 billion U.S. dollars in 2018, registering an increase of more than 700 times. Meanwhile, the combined two-way investment in various fields has also exceeded 7 billion U.S. dollars.
In 2013, China put forward the Belt and Road Initiative with the aim of strengthening international connectivity through international cooperation in various fronts such as policy coordination, facilities connectivity, unimpeded trade, financial integration, and closer people-to-people ties. Among others, West Asia and Africa are the focuses of this initiative. As a global emerging market and business center, the UAE is in a strategic position to link countries in the region with each other to better push forward the implementation of the Belt and Road Initiative and further promote regional sustainable development.
In particular, the NEXT Summit (Dubai 2019) hosted by NEXT Federation, China Economic Information Service of Xinhua News Agency and the government of Dubai, will be held in Dubai from November 24 to 26, 2019. The aim of this summit is to identify and exchange economic development opportunities in West Asia and Africa, and promote future cooperation and investment opportunities with the UAE, especially Dubai, as the pivot.
Against the global backdrop, China and the UAE should make a concerted effort on cooperation bases, focuses and models, deepen mutual comprehensive strategic partnership and put into practice the principles of extensive consultation, joint contribution and shared benefits so as to build a China-UAE community of shared interests and common destiny. At the same time, the two countries should establish a "1+2+3" cooperation pattern and optimize mutual trade structure to promote mutually beneficial cooperation, draw on each other's economic strengths to promote two-way investment and eliminate trade barriers to improve market liberalization and transparency.
As the construction of the Belt and Road keeps breaking new ground and China-UAE comprehensive strategic partnership becomes increasingly sounder, China and the UAE enjoy bright prospects for further cooperation in related fields. In the future, China and the UAE will work together to push China-UAE economic and trade relations to move forward along the track of sound and stable growth and enter a new development stage.