MOU on 4-Party Cooperation between Yangpu and Abu Dhabi Sister Ports Signed

HAIKOU, China, Oct. 2, 2024 /PRNewswire/ -- A report from Hainan International Media Center (HIMC):

On the occasion of the 40th anniversary of the establishment of diplomatic relations between China and the United Arab Emirates, the Management Committee of the Yangpu Economic Development Zone, the Abu Dhabi Ports Group, COSCO SHIPPING Ports（Abu Dhabi）Limited and Hainan Harbor & Shipping Holding Co., Ltd. signed a memorandum of understanding in Abu Dhabi on September 20, further deepening cooperation between the Hainan Free Trade Port (FTP) and other free trade zones and ports around the world.

The Management Committee of the Yangpu Economic Development Zone, the Abu Dhabi Ports Group, COSCO SHIPPING Ports（Abu Dhabi）Limited and Hainan Harbor & Shipping Holding Co., Ltd. signed a memorandum of understanding in Abu Dhabi.

At the signing ceremony, Feng Fei, Secretary of the Hainan Province Party Committee, stated that China and the UAE have developed a comprehensive strategic partnership, setting an example for relations in the new era. Exchanges and cooperation between Hainan and the UAE have developed rapidly, with economic and trade relations becoming increasingly closer. The signing of this MOU is not only an important milestone in the deepening of cooperation, but is also part of a long string of achievements of the Belt and Road Initiative. The FTP is working to meet the world's highest standards of openness, follow international high-level economic and trade rules, and set up a policy system that features "free, convenient trade, investment, and cross-border capital flows, the unhindered movement of people, excellent transportation, and the safe and orderly flow of data".

Feng also stated that the Yangpu Economic Development Zone, one of the MOU signatories, and a pilot demonstration zone of the Hainan FTP, will work with Abu Dhabi Port to implement the agreement, share development opportunities, achieve greater mutual benefits and win-win results, and move the China-UAE comprehensive strategic partnership forward.

Wang Min, Chairman of COSCO Shipping Group, said that Abu Dhabi and Yangpu are two of the most important hub ports for the COSCO Shipping Group in the Asia-Pacific region as well as globally. In April, a direct "Yangpu-Abu Dhabi" shipping route was successfully launched, developing a broad, far-reaching transport network connecting the two sister ports.

According to the MOU, the parties will jointly promote cooperation between Yangpu Port and Abu Dhabi Port, strengthen cooperation in port construction, shipping services, green energy, and other fields, enhance the capacities and expand the reach of the ports, and jointly expand the China and UAE markets.