China-UAE Trade Agreement on Belt and Road is not a surprise: WEF President
Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates, ruled the Dubai Emirates, China's President Xi Jinping and his wife Peng Liyuan (LR) in front of a reception that marked the Belt and Road Forum at the National Museum of China 26 April 2019 in Beijing.
Valery Sharifulin | TASS | Getty Images
A move from China and the United Arab Emirates to expand trade and investment ties through new $ 3.4 billion deals "is not a surprise," according to World Economic Forum President Børge Brende.
"China is now the second largest economy in the world, and Asia is now 50 percent of worldwide GDP," said Burn CNBC's "Capital Connection" on Sunday. "Many countries like the UAE see great market opportunities in China."
UAE and China signed $ 3.4 billion new offers this weekend, as part of China's Belt and Road Initiative ̵[ads1]1; a comprehensive infrastructure project involving construction roads, railways and freight lines between China and more than 60 countries in Asia, Europe. Middle East and North Africa. The latest deal is expected to increase an existing bilateral trade of $ 53 billion to $ 70 billion next year.
Vice President and Prime Minister of the UAE, Sheikh Mohammed bin Rashid Al Maktoum, attended the Belt and Road Forum in Beijing this weekend, where he met Chinese President Xi Jinping to include the deals.
China is already the UAE's second largest trading partner, and the UAE serves as a major gateway to Chinese exports to the Middle East.
We are living in a completely different world than we did ten years ago. It's a multipolar, multi-conceptual world.
As part of the new deals, the two countries launched a number of new investments, including the development of a 60 million square meter station at the new Silk Road in Dubai for Expo 2020. [19659002] "Our Chinese partner will invest 2.4 billions of dollars by using the drive to store and send Chinese products from Jebel Ali to the world, "Sheikh Mohammed, who is also ruler in Dubai, said in a tweet on Saturday.
Expanding Influence [19659012] UAE has emerged as a key player in the Xis Belt and Road initiative, which seeks to connect China from both sea and land to markets in Asia and Europe through a range of strategic and often controversial investments.
The project has led some to suggest that China uses the initiative to expand its economic and geopolitical power – but Beijing has always rejected it.
"We live in a completely different world than we did ten years ago. It's a multipolar, multi-conceptual world," Brende said.
"Multipolar, in the sense that we see much more geopolitical competition. It is also multi-conceptual, because there are different ideologies out there. It is not just one we are used to, with the US and Western Europe, how we run things "he added.
"In such a world, what I think is important is that we can find common ground and cooperate on these issues and not just compete with each other."
The UAE will be "important"
UAE becomes "an important drive along the new silk road," said Sheikh Mohammed on Friday when he announced plans for a $ 1 billion "vegetable basket" project to import, process, pack and exporting agricultural products, marine and animal products through the new Silk Road. The project is supported by the Chinese Arab Investment Fund, he added.
"The Arab-Chinese cooperation will positively contribute to the Belt and Road Initiative, given the strategic position of the Arab world linking east and west, "Sheikh Mohammed tweeted.
The UAE government has also collaborated with the World Economic Forum to launch the" Fourth Industrial Revolution Center "in the Emirates, the first of its kind in the region and the fifth globally.
The term "fourth industrial revolution" is defined as a "technological revolution … which blurs the lines between the physical, digital and biological areas. "It was a term first introduced by the founder and CEO of World Economic Forum, Klaus Schwab.
The new initiative – a collaboration between the Dubai Future Foundation and the World Economic Forum – aims to develop mechanisms, applications and applications for it The fourth industrial revolution of the UAE, according to a government statement.
"The fourth industrial revolution will shape the entire century," said Brende. "Those nations at the top of these new technologies are artificial intelligence, the Internet of things, great data, and autonomous vehicles come out of this century as the most prosperous. "
" I'm not surprised that the UAE and Dubai are ahead, "he added.
