The Dubai Multi Commodities Center (DMCC) has signed a memorandum of understanding (MoU) with the China Chamber of International Commerce on enhancing bilateral business cooperation.
The DMCC, the biggest free trade zone in the United Arab Emirates (UAE) which harbors over 13,000 companies, signed the MoU on Sunday at the biennial China-Arab States Expo 2017 held in Yinchuan, China.
The DMCC said in a statement that the two sides intend to explore the option of establishing a "joint business council, organizing cross-border trade delegations, as well as enhancing collaboration in the legal services sector."
"By collaborating with the China Chamber of International Commerce, we aim to drive the future of trade by enhancing our member companies' ability to connect, trade and invest with businesses across China," Gautam Sashittal, CEO of the DMCC, was quoted as saying in the statement.
The volume of annual trade between the UAE and China reached 170.2 billion dirham (46.37 billion dollars), making China the Gulf Arab state's biggest trade partner.