UAE, China sign ‘Economic Development Work Plan’

ABU DHABI,The UAE and China signed an ‘Economic Development Work Plan’, with the aim of promoting commercial and customs cooperation. The work plan involves five stages of detailed procedures, which will see further trade and investment agreements between the two countries coming into fruition.

The Economic Development Work Plan was signed during the first meeting of the working group focused on building mutual trade operations between the two countries. The working group was formed during a recent visit by a UAE delegation to China, led by Saud Salem Al Aqroubi, Director of International Relations Department of the Federal Customs Authority.

Ali Saeed Al Niyadi, Customs Commissioner and Chairman of the Authority, said that the plan represents an essential step in reinforcing the bilateral customs relations between the two countries.

“The plan is an ideal model of customs and economic cooperation between the two countries, and of finding innovative solutions to investing in existing resources, which will facilitate trade and customs movement,” he said.

He added that the authority developed the programme in the UAE, in cooperation with local customs departments, which will offer facilitations that will save the time and efforts of traders and foreign partners while pointing out that the approved economic operator aims to promote the security role of customs department and facilitate trade, through ensuring safe supply chains.

He stressed that China is the UAE’s leading trading partner, and their total non-oil trade reached AED974 billion (US$267 billion) from 2013 to the end of the first half of 2018.

The programme represents progress in the work of UAE Customs, as it facilitates customs clearance procedures for committed companies, and offers many advantages to supply chain partners and preferential tariffs to those participating in relevant mutual agreements.

The programme involves many parties, including importers, exporters, manufacturers, customs brokers, carriers, intermediaries of carriers, ports and airports.

Source: Emirates News Agency