Committed to PEOPLE'S RIGHT TO KNOW
Vol. 4 Num 181 Tue. November 25, 2003  
   
Business


UAE-China bilateral trade to hit $5b


The United Arab Emirates' (UAE) bilateral trade with China increased 42.8 percent in the first nine months of 2003 to 3.998 billion dollars, Deputy Manager of Chinamex Jimmy Ye announced Monday.

Total trade for this year between the two countries -- linked since 1985 by an economic and trade accord -- is expected to hit five billion dollars, Jimmy Ye said, "making China the fifth biggest trade partner of the UAE."

Chinamex is the Middle East Investment and Trade Promotion Center in Dubai, which bills itself as the largest Chinese economic platform in the Middle East, North Africa and Eastern Europe. It has branches in UAE, Qatar, Bahrain and Sudan.

China mainly imports aluminium, fertilizer, petroleum and chemical products from the UAE, while exporting electrical products, textiles, garments, machinery equipment, hardware products, footwear and suitcases to the Gulf state, he said.

Chinese firms are increasingly targeting Middle East markets, Ye said.

In 2002, the total trade value between China and the Middle East reached 27.597 billion dollars, rising 16.4 percent on the previous year.