UAE boosts global influence through active role in Belt, Road Initiative
Date
9/11/2024 9:17:16 AM
(MENAFN) The UAE is increasingly emerging as a key economic power on the international stage, significantly impacting regional and global development efforts. Leveraging its strategic location and forward-thinking leadership, the UAE has positioned itself as a vital partner in numerous global initiatives. One of the most notable of these is the Belt and Road Initiative (BRI), which was launched by Chinese President Xi Jinping in 2013. The UAE's involvement in this initiative highlights its commitment to advancing economic development and fostering international cooperation.
The UAE's role in the Belt and Road Initiative is underscored by its active engagement and its strong bilateral relations with China, including Hong Kong. The upcoming ninth summit of the Belt and Road Initiative, scheduled for September 11-12 in Hong Kong under the theme "Building a Connected, Innovative, and Green Belt and Road," further emphasizes the UAE's dedication to these global economic endeavors. As a significant regional economic player, the UAE has contributed USD10 billion to a joint investment fund with China aimed at supporting BRI projects in East Africa. Additionally, the UAE and China signed 13 memoranda of understanding in 2018, focusing on various investment sectors within the UAE.
In terms of trade, data for the first half of 2023 reveals the substantial impact of the Belt and Road Initiative on the UAE's economy. Non-oil trade between the UAE and countries involved in the initiative amounted to USD305 billion, representing 90 percent of the UAE's total non-oil trade for the period and marking a growth of over 13 percent compared to the same period in 2022. Furthermore, a significant portion of the UAE’s trade with these countries includes imports, exports, and re-exports, demonstrating the UAE’s robust trade relationships within the Belt and Road framework.
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