ABU DHABI. The Abu Dhabi Global Market, ADGM, and the Hainan Provincial Government have announced the signing of a Memorandum of Understanding to further boost the economic and financial collaboration between China and the UAE via Hainan Free Trade Zone and ADGM’s international financial centre and financial free zone.

The signing took place on the sidelines of the 2019 Boao Forum for Asia Annual Conference. The agreement is the first of such financial and economic cooperation between Hainan Provincial Government of the People’s Republic of China and the Middle East region.

The agreement establishes a formal platform for both authorities to work closely in key aspects including, the opening up and development of the financial sector within the Hainan Free Trade Zone. It also details the development of the financial and commercial regulatory infrastructure and framework in the free trade zone, joint investment and financing initiatives between the two countries in support of the Belt and Road Initiative, legislative and dispute resolution support from ADGM, development of exchanges in the free trade zone and enable cross-listing of financial products, facilitate greater business opportunities and set-up between Hainan and the UAE.

China is the biggest trade partner of the UAE, making up 14.7 per cent of the country’s total foreign trade in 2017.