UAE and China plan to boost trade with new wholesale market
The UAE and China have ratified two memorandums of understanding (MoUs) to strengthen agricultural cooperation and jointly build a wholesale market for agricultural, livestock and fishery products.
The MoUs were signed by Dr Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, and Ambassador Ni Jian of China to the UAE.
The UAE and China will strengthen cooperation in modern agriculture, such as hydroponics and organic agriculture, apply modern agricultural techniques, especially in irrigation and in using treated water for agriculture.
They will also collaborate in the exchange of expertise, science and technology in the fields of pest control, agriculture in saline areas and food security and diversity.
The two countries agreed to jointly build a wholesale market for agricultural, livestock and fishery products in the UAE to ensure food safety, reduce spoilage, increase revenue, and stabilise food prices in the region.
They also concurred that the operation of the wholesale market should reflect market dynamics with the businesses as the principal stakeholders and the governments playing a guiding role.
Chinese businesses will establish the wholesale market as per the standards and specifications permitted in the UAE, and will be tasked with its management and operations.
“The UAE enjoys cordial and long-standing synergies with China. The two countries seek to bolster these relations through sharing experiences and employing the latest technologies in the fields of environment, agriculture, livestock and food diversity,” said Dr Thani Al Zeyoudi.
“The UAE is the first Gulf Arab nation to establish a strategic partnership with China, and has been China’s second largest trade partner and biggest export market in West Asia and North Africa for several years in a row,” he added.
Al Zeyoudi says that such collaborations are expected to introduce innovative solutions to food security challenges, and significantly contribute to enhancing China-UAE bilateral agricultural cooperation through the development of agriculture, livestock and fisheries sectors in the UAE.
Both agreements come into effect immediately, and remain valid for a period of five years.