Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

UAC: China- Arab Trade Exchange Records $400 Billion

Tue 30 May 2023 | 07:05 PM
Taarek Refaat

Khaled Hanafy, Secretary General at Union of Arab Chambers (UAC) confirmed the depth of relations between the Arab countries and the People's Republic of China, where the volume of trade exchange between China and the Arab region reached about $400 billion.

This came during his participation in the Global Summit to Promote Trade and Investment 2023, which was held in China, both physically and virtually, and was attended by the Deputy Prime Minister of China, and with the massive participation of heads of state, ministers and heads of a number of international economic institutions, namely the World Bank and the International Monetary Fund (IMF), as well as businessmen from China and Arab and foreign countries. 

The secretary general stressed that despite this tremendous progress in the volume of trade exchange, there is a need to transform this relationship from its current traditional reality based on import and export into a strategic partnership, given the great competitive economic potential that both sides enjoy.

Hanafy stressed that China is a great economic partner for the Arab countries, pointing to the importance of the "Silk Road" initiative launched by China several years ago, considering that China has strategic ports, as is the case with some Arab countries, and China can, through the Belt and Road initiative, build strategic ports in a number of Arab countries that have strategic maritime outlets, whether in Egypt, Morocco, the Emirates and Saudi Arabia, in a way that helps open the Arab and Chinese markets towards more global markets, especially in the continent of Africa, Europe and Latin America.

"I believe today we have an important strategic opportunity to strengthen our relationship in the field of global supply chains and supply, in addition to enhancing the areas of trade between us, strengthening our vital and strategic cooperation in sectors of added value will enhance our joint efforts in opening the door to investment in the fields of renewable energy Nuclear energy, digital economy, blockchain and other sectors that meet the requirements of the fourth industrial revolution and the second digital revolution."

The Secretary General of the Federation appreciated the role played by China Council for the Promotion of International Trade (ccpit), noting the close relationship between it and the Federation of Arab Chambers.

He also pointed to the importance of the event that will be organized between the two sides in the Kingdom of Saudi Arabia in cooperation with the Federation of Saudi Chambers, during the period between June 11 and 12.

"The conference is a strategic event that the Arab and Chinese sides should put all means for its success, which leads to raising the level of bilateral economic relations between the two sides."