- China and UAE Sign MOU to Boost Trade and Shipping Cooperation.
- New MOU Strengthens China-UAE Ties on 40th Diplomatic Anniversary.
- Hainan FTP and Abu Dhabi Ports Deepen Collaboration Under New Agreement.
China and the UAE signed a memorandum of understanding on September 20 in Abu Dhabi to celebrate 40 years of establishing diplomatic ties between the two nations. Yangpu Economic Development Zone, Abu Dhabi Ports Group, COSCO SHIPPING Ports (Abu Dhabi) Limited, and Hainan Harbor & Shipping Holding Co. have signed an agreement aimed at strengthening cooperation between Hainan FTP with other global trade zones, reports PR Newswire
A Milestone in China-UAE Relations
Speaking of the signing ceremony, Feng Fei, Secretary of the Hainan Province Party Committee, cited an all-around comprehensive strategic partnership between China and the UAE. He agreed that it leads to other relations in the new era. Feng praised economic and trade cooperation between Hainan and the UAE, referring to the MOU as a landmark in the relationship and an important accomplishment as part of the Belt and Road Initiative (BRI).
Feng added that the Hainan FTP is more attuned to international standards, aims to promote free and convenient trade, investment, and cross-border capital flows, and ensures efficient movement of people and goods.
Yangpu and Abu Dhabi Ports to Drive Partnership
The Yangpu Economic Development Zone, one of the signatories of the MOU and a pilot area of the Hainan FTP will closely cooperate with Abu Dhabi Port.
Feng said that both sides hope to initiate cooperation efforts according to the agreement, share development opportunities, realize mutual benefits, and promote further development in the China-UAE comprehensive strategic partnership.
Role of COSCO Shipping Group
According to Wang Min, COSCO Shipping Group Chairman, Abu Dhabi and Yangpu are very important hub ports for the company. He, however, said he could already view the launching of the direct shipping route “Yangpu-Abu Dhabi” in April as a success in its performance since it prolonged the transport network connecting the two sister ports.
Key Areas of Cooperation
The areas in which Yangpu Port and Abu Dhabi Port shall work together over, among others, have been mentioned in the MOU as follows:
- Port construction and development
- Shipping services
- Green energy initiatives
The objective of this agreement is to enhance the competency of both ports, expand their market into more areas, and propel broader cooperation in both China and the UAE markets. The mutual benefits brought about by this agreement will strengthen the strategic cooperation between the two countries further.
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Source: PR Newswire
