UAE-China trade receives fresh momentum: official

ABU DHABI - Trade ties between the United Arab Emirates (UAE) and China have received fresh momentum thanks to visa waiver agreement and direct yuan trading, a UAE official said on Tuesday.

Ahmad Muhamed bin Ghannam, Acting Executive Director of the International Economic Relations Sector at Abu Dhabi Department of Economic Development, made the remarks at the one-day Abu Dhabi China Investment Forum 2016.

The bilateral relations between the Gulf Arab state, a major oil supplier, and China are based on mutual respect, the will to grow together and friendship, he said.

With the UAE having started earlier this month to grant Chinese citizens visit visas upon arrival at UAE international airports and with China having started direct yuan currency trading with the UAE on Monday, "our vision to reach bilateral trade worth $100 billion in the near future is not far-fetched," he added.

Trade between the UAE and China is expected to hit $60 billion by the end of 2016, up from $54.8 billion in 2014.

The Gulf state now has 4,200 Chinese firms, 249 trade agencies and 5,451 Chinese trade brands, according to China Foreign Trade Center.