DAFZA signs MoU with Guangdong Free Trade Zone
The Dubai Airport Freezone Authority (DAFZA) signed a Memorandum of Understanding (MOU) with China's Guangdong Pilot Free Trade Zone (GDFTZ) in the Nansha Area of Guangzhou (Nansha FTZ), aimed at boosting bilateral cooperation between the two.
Under the terms of the MOU both parties will collaborate on expanding bilateral trade exchange; promote mutually-beneficial investments and business partnerships as well as cooperation in information technology, cross-border e-commerce and shipping logistics; exchange expertise and experiences in planning, strategy, general operations and employment models; and engage in other areas of cooperation they jointly agree on. The agreement will also help in further advancing the implementation of China’s Belt & Road Initiative, a development strategy launched by the Chinese Government to foster economic cooperation among countries along the proposed Belt and Road routes. The strategy has aided the countries engaged in the initiative in achieving USD 100 billion as value of cooperation.
DAFZA’s agreement also positions it as a major contributor to the Belt & Road Initiative which aims to extend China’s global commercial ecosystem and reenergize the trade routes of Central and West Asia, the Middle East, and Europe.
China is one of DAFZA’s targeted markets under its ongoing international expansion efforts. DAFZA host several major Chinese brands such as CNOOC, COSL Middle East FZE, Sinochem Corporation, and China Southern Airlines.