(MENAFN- Qatar News Agency) Trade between the United Arab Emirates and China is expected to grow in the next few years specifically in the fields of energy, oil and gas, construction, and industry.
With various Chinese energy companies having already set up operations in the UAE, Economic and Commercial Counsellor at the Chinese Embassy in the UAE He Song said that he expected to see more coming into the country especially ahead of the Expo 2020, with negotiations already in place between Shanghai and Dubai.
In 2014, bilateral trade between the two countries reached $54.8 billion (Dh201 billion). In the first nine months of this year alone, the figure stood at $36.4 billion primarily on the back of lower oil prices, the UAE daily (Gulf News) reported.
"I expect trade values by the end of this year to be lower than last year because oil prices affected trade between China and UAE. We import the same volume of oil from the UAE, but with lower prices, the [overall value] is lower. This isn't the first time we're facing challenges with oil prices. In 2009, when the global economic crisis hit, trade values went down. In the next few years, trade between China and the UAE, I'm sure, will grow," Song said.
He was speaking on Sunday at a press conference ahead of the third China Trade Week Middle East, which is set to take place from December 7-9 at Abu Dhabi National Exhibition Centre.
The three-day event will see participation from over 200 Chinese exhibitors looking to do business with regional distributors and wholesalers, with a target of welcoming 12,000 visitors to the event.
"UAE is currently China's second largest trading partner in the Gulf region, and the largest in terms of buying Chinese products," said David Wang, managing director of MIE Events JLT, the organisers of the event.
China Trade Week Middle East 2015 is expected to boost ties between Chinese exhibitors and regional businesses looking to source products from China.
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