BEIJING — Bilateral trade between China and the United Arab Emirates (UAE) will reach 100 billion yuan (around $16 billion) this year, nearly double 2014, a Chinese association predicted.
The two sides have seen average annual growth of around 35 percent in the past decade and the goal of 100 billion yuan is achievable this year, said the Chinese People’s Association for Friendship with Foreign Countries during its “Dubai Week in China” on May 10.
The UAE is the second largest trade partner of China in the Middle East with trade volume nearing $55 billion in 2014.
Dubai, the most populous city and emirate in the UAE, serves as a gateway for Chinese enterprises to the Middle East and Africa. Around 200,000 Chinese nationals live in the city; 10 percent of its total population.
The UAE is also one of the founders of the China-proposed Asian Infrastructure Investment Bank.
The position will reinforce the role of UAE in the regional and even world economy, said Barry Brown, Emirates Group divisional senior vice president of commercial operations.
Besides trade, the two sides also strengthened ties in fields of politics, culture and sports.