UAE and China strengthen trade ties through the first digital economic and trade exhibition

The pandemic is not an excuse for not strengthening trade links. The blow to the economy has been very severe for all the world's economies and it is time to think about a new future, one that is likely to be greener and more digital. To that end, the Emirates and China have announced that they will host the first digital economic and trade show on July 15, according to the Emirati news agency WAM. The revitalization of bilateral trade activities between the two countries will be very positive in the new digital economy to come.  

The event, organised by Hala China, Dubai Holding and China International Exhibition Center Group Corporation (CIEC), will bring together leading companies from the Emirates and China. The leaders of these companies will have the opportunity to meet online to explore new opportunities for business and economic cooperation through a series of roundtable discussions with business leaders.  

This virtual meeting is a result of the new approach adopted by the UAE government in the aftermath of the COVID-19 pandemic. The authorities are aware of the need for the administration to go digital. "Bilateral trade between the UAE and China, like many others, has grown stronger in 2020, but we want to expand our commercial ties for the future digital economy we are moving towards," Ahmed bin Saeed Al Maktoum, chairman of Dubai Holding, told WAM. "The opening of this digital trade show is a good example. This event will generate a wave of new opportunities for trade and cultural exchanges between China and the Emirates as we enter the recovery phase of the global economic cycle," Mr bin Saeed said.  

Prior to the outbreak of the VIDOC-19 pandemic, bilateral trade between China and the Emirates had been growing rapidly, according to Ministry of Economy figures. Data show that bilateral trade exceeded $50 billion in 2019, a 16 percent increase since 2018. The Emirates' non-oil exports to China increased by 64 per cent over the same period, thanks to the Emirates' aggressive economic diversification. The two nations were targeting over $100 billion in bilateral trade before the VIDOC-19 pandemic created an unprecedented economic shock.  

Sheikh Maiid bin Abdulla Al Mualla, chairman of the board of Hala China, believes that relations with China offer new opportunities for mutual growth and cooperation with the Emirates. "We have worked hard over the past two years to foster a strong and multifaceted relationship between the two countries through events, cultural exchanges and increased opportunities for Chinese and Emirati businesses," he said in a statement collected by WAM. "The Emirates is China's largest trading partner in the Arab world and accounts for 26 percent of China's total non-oil foreign trade with Arab countries," Al Mualla said. 

The recently inaugurated China-UAE Digital Business and Trade Show, which aims to become a centre for launching businesses, trends and ideas in various sectors, is expected to attract more than 100,000 participants during the seven-day event and has already received registrations from more than 1,000 exhibitors and over 3,000 buyers, according to the official agency WAM.

China's consul general in Dubai, Li Xuhang, encouraged to turn this crisis into an opportunity and use the digital exhibition to show the full potential of technology to strengthen bilateral cooperation between the Emirates and China. "China is at the forefront of e-commerce, with a 30% growth of major Internet sales platforms during the pandemic, and recently announced the creation of 46 integrated pilot areas for cross-border e-commerce," he said.  
Companies participating in the event will be able to showcase their products using 3D technology on a digital platform. Those interested in purchasing will have a 360-degree view of the products available and will be able to zoom in and out. Models will be between 10 and 15 percent of the original dimensions. This software will be available to all registered exhibitors.

The Expo opening ceremony, which will be accessible to all on the dedicated website, will include a series of presentations by dignitaries. Electronic visitors can access and listen to any session. The investment and free zone segment of the exhibition is expected to make a significant contribution to the growth of economic ties between the Emirates and China. China's largest free trade zone The Hainan Free Trade Zone will present its various logistical and economic advantages to participants and spectators alike.