China strengthens economic and trade cooperation with the Arab world

China and Arab nations are currently strengthening their economic cooperation with the opening of the 4th Bilateral Trade Expo, aimed at expanding ties in that sector.

The event, which will run for four days, is being held in Yinchuan, capital of the Ningxia Hui Autonomous Region, in northwestern China, with the participation of 12,600 delegates.

About 2,900 regional organizations, chambers of commerce, associations and companies from 89 countries are also attending the Expo, the organizing committee said in a statement.

In recent years, China has significantly increased its ties with Arab countries and in 2018, trade with these nations totaled US$244 billion, an increase of 28% year-on-year.

Chinese companies also signed in 2018 new contracts with Arab States worth US$35.6 billion and China's direct investment in these nations amounted to US$1.2 billion.

The Belt and Road Initiative also extended to 18 Arab countries with the signing of several cooperation agreements in areas such as construction, energy, infrastructure and manufacturing.

China is currently the Arab world's second largest trading partner and the Asian nation has already established strategic partnerships with 12 countries in that region.

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