The Dubai Multi Commodities Centre, DMCC, has signed a Memorandum of Understanding, MoU, with the China Chamber of International Commerce, CCoIC.

The agreement, which was signed at the China-Arab States Business Summit 2017 in Yinchuan, China, aims to explore the possibility of establishing a joint business council, organising cross-border trade delegations, as well as enhancing collaboration in the legal services sector.

Commenting on the new strategic partnership, Gautam Sashittal, Chief Executive Officer of DMCC, said, "At DMCC and Dubai, we seek to create an environment where businesses can flourish, while empowering our member companies to expand into new markets. By collaborating with CCoIC, we aim to drive the future of trade by enhancing our member companies’ ability to connect, trade and invest with businesses across China."

The agreement will enhance DMCC’s relationship with Chinese businesses, and facilitate further trade and cooperation with China.

Today, bilateral trade between the UAE and China remains robust. China ranks as the UAE’s largest trading partner, with a value of AED170.2 billion in 2016. Over the past three years, cumulative bilateral trade reached a AED520.6 billion.