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3,422 Posts
Discussion Starter · #1 ·
Hi, more good news, just want we need, enjoy:

Officials from China and Gulf Arab states said they made progress in a first round of free trade negotiations and hope to reach a deal next year.

Speaking after two days of talks in Saudi Arabia, officials said an accord would boost trade and investment between energy-hungry China and Gulf states.

"We have made a good start and we hope to finish by the end of next year," said Abdulmalik Al Hinai, undersecretary at Oman's Economy Ministry who represented the six GCC countries.

Hinai and China's assistant commerce minister Yi Xiaozhun said business was already growing fast between the Asian manufacturing giant and the GCC states of Saudi Arabia, Oman, Qatar, Bahrain, Kuwait and the UAE.

The value of trade between China and the GCC rose by 46 per cent last year to $24 billion. GCC investment in China stands at around $700 million and China has invested $250 million in Gulf Arab states, Yi said.

China, the world's second largest consumer of crude after the US, is seeking closer ties with the GCC countries which sit on nearly half the world's oil reserves.

This week's talks follow a visit to Beijing last July by GCC Secretary-General Abdul Rahman Al Attiya aimed at increasing co-operation in oil exploration and investment.

Hinai said the two sides agreed negotiations will focus first on trade in goods before looking at services.

A source close to the talks said they planned to exchange "offer lists" of goods for tariff reduction and elimination within the next three weeks. The GCC side has already presented a draft text of the FTA to the Chinese, the source added.

He also said the Chinese team expressed concern during the talks about GCC recognition of China's full market status.

Under the terms of China's 2001 accession to the World Trade Organisation, members of the trade body can treat China as a "non-market economy" until 2016, which Beijing says exposes it to potentially high anti-dumping duties.

Gulf Arab negotiators "took note" of the Chinese concerns, the source said.

The GCC-China negotiations coincide with long-running talks on a Gulf Arab free trade agreement with the European Union, which negotiators hope to conclude by the end of this year.

European Union Trade Commissioner Peter Mandelson said three weeks ago the European Union was concerned that bilateral free trade deals between the US and individual Gulf states like Bahrain could undermine the talks.

But Yi said China did not believe Bahrain's accord with Washington and other planned bilateral agreements would threaten the GCC talks with Beijing. "We don't think it should be used as an excuse or an obstacle," he said.

902 Posts
Qatar4Ever said:
no real benefit, except more cheap chinese crap.
Chinese are really fast catching up with the latest technology. Just a matter of time when their products will be as good as Japan and Western countries.

I think it's equally beneficial for both sides.

Patriotic Emirati
6,294 Posts
Marshal said:
You rather drive a the cheap Cadillac crap.. LOL :D
Dont worry we arent intrested in american cars. Japanese and Europians are the best.

Chineese products have a bad reputation but I think that will change. It is the same as the korean products. They are really accepted here.

151 Posts
Im happy for China. They seem to be progressing alot lately, instead of spewing hatred and criticism like much of the GCC parliaments do (LOL); which obviously means little progress for us. :D

I remember a Chinese company signing contracts with Kuwaitis for building a massive port in Bobyan island and a huge airport south of Kuwait city. :cool: Cant wait for the projects to be completed. :)
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