The Zhejiang Provincial Department of Commerce recently added the Dubai Yiwu China Commodities City to its annual list of provincial-level overseas economic and trade cooperation zones.

Zhejiang is currently home to four national-level overseas economic and trade cooperation zones and 14 provincial-level zones focusing on processing, manufacturing, commerce, logistics, scientific research, and more.

The Dubai Yiwu China Commodities City, located in Dubai's Jebel Ali Free Zone (Jafza), is a joint venture between Zhejiang China Commodities City Group, a State-controlled firm that solely runs the Yiwu International Trade Market, and Dubai Ports World, a Dubai-based multinational logistics company that runs the free trade zone of Jafza.

The first-phase of the Dubai market has 157,000 square meters in floor space and consists of 1,539 shops and 324 bonded warehouse rooms.

Founded in 1985, Jafza is one of the world's most popular investment destinations. Businesses setting up operations in the 48-square-kilometer zone are fully exempt from value-added taxes, customs duties, corporate income taxes, and individual income taxes, as well as the need to have a local sponsor as required elsewhere in Dubai.

The Dubai market is expected to efficiently serve a huge consumer market of nearly one billion people, spanning the Middle East and North and East Africa. It is just a 15-minute drive from the Dubai Al Maktoum International Airport and the Port of Jebel Ali, both of which are among the largest of their kind in the Middle East. It is also near the city's major tourism spots, which every year attract millions of guests from across the world.

A map shows the location of the Dubai Yiwu China Commodities City. [Photo/zj.zjol.com.cn]