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UAE, China trade to hit $80b in two years

China, ranked as Dubai's largest trade partner and the UAE's second-biggest trading partner, is all set to take its bilateral trade to $80 billion in the next two years, and may end the current year with $60 billion up from $54.8 billion in 2014, said Hakel Wen, international VIP service executive of the China Foreign Trade Centre.

"The UAE is one of China's top trading markets in the Middle East and is a strategically important trading hub in terms of imports, exports and re-exports. UAE's open visa policy for China has indeed been a huge boost to the business and trade. The Canton Fair, renowned around the world as 'China's No. 1 Fair', aims to encourage increased trade and investment from the UAE's leading trading enterprises and sourcing managers," said Wen, speaking on the sidelines of announcing the historic 120th Canton Fair.

"With the trading links between China and the UAE so well-established, we are focusing on securing more local companies from fields such as electronics and home appliances, new energy and pet products for the exhibit zones we've added to this year's Canton Fair. Our goal is to increase UAE and GCC participants to build on the 604 enterprises from 40 countries that exhibited in the International Pavilion at the 119th Canton Fair earlier this year," he said.

UAE entreprenuers are finding more investment opportunities in Chinese electronics and home appliances among other sectors. The historic 120th Canton Fair is all set to boost bilateral trade between the UAE and China. In a strategic drive to further increase bilateral trade between the UAE and China, the China Foreign Trade Centre is rolling out a red carpet of co-operation to local companies in various commercial sectors ahead of the 120th China Import and Export Fair (Canton Fair) later this year.

Being held in the Chinese city of Guangzhou from October 15 to November 4, 2016, the landmark 120th edition of the biannual fair will build on the event's historic role in driving international investment in China, and advancing the far east nation's foreign trade and economic exchanges with countries all over the world, including the UAE.

Additionally, the UAE is home to more than 300,000 Chinese nationals working and living in the emirates, while over 4,200 Chinese companies, 356 trade agencies and more than 2,500 Chinese Trade labels are registered with the UAE Ministry of Economy.

As part of the build-up to this year's Canton Fair, a promotional video call was held in which Hakel Wen stressed the importance of the UAE market as a major trade partner for China.

Co-hosted by the Ministry of Commerce of the People's Republic of China and the People's Government of Guangdong Province and organised by the China Foreign Trade Centre, the Canton Fair provides a strategic platform for overseas buyers to access a diverse range of products manufactured by thousands of China's leading companies in terms of annual turn-over.

The Canton Fair's International Pavilion, where international companies showcase their products to potential Chinese investors, is expected to be held across an area of more than 20,000 square metres. Supported by extensive global promotional channels, the fair is rolling out its new e-commerce platform this year, which provides reliable information to purchasers on request.

Held at the China Import and Export Fair Complex (Canton Fair Complex), the 120th Canton Fair will be held in three phases: October 15-19, October 23-27 and October 31 to November 4.

- sandhya@khaleejtimes.com