China’s Push for a Free Trade Zone with the Gulf States
China’s new Foreign Minister Qin Gang has expressed his desire to enhance the country’s relationship with Saudi Arabia and establish a China-Gulf Free Trade Zone promptly. The announcement was made in a statement released by the Chinese Ministry of Foreign Affairs following a telephone conversation between Qin and Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al Saud.
In the conversation, Qin highlighted China’s appreciation for Saudi Arabia’s unwavering support on matters related to China’s key interests. He emphasized the need to further expand cooperation in various fields including economy, trade, energy, infrastructure, investment, finance, and high technology.
Additionally, Qin emphasized the significance of strengthening the China-Gulf strategic partnership and establishing the China-Gulf Free Trade Zone in a timely manner. On the other hand, Prince Faisal acknowledged China as a crucial aspect of Saudi Arabia’s foreign relations and confirmed their adherence to the one-China principle.
Qin, who recently concluded a tour to various African nations, also had telephone conversations with Dutch Deputy Prime Minister and Foreign Minister Wopke Hoekstra, and Argentine Foreign Minister Santiago Cafierro, as reported by state media.
China-Gulf Free Trade Zone
The China-Gulf Free Trade Zone is a proposed trade agreement between China and the Gulf countries to establish a free trade area for the purpose of promoting economic cooperation and trade liberalization. The agreement aims to reduce barriers to trade, such as tariffs, and increase investment and economic exchange between China and the Gulf countries. The objective of the agreement is to stimulate economic growth and development for both parties involved.
Chinese Investment in Gulf
China has invested significantly in the Gulf region in recent years, particularly in countries such as Saudi Arabia and the United Arab Emirates. These investments have covered a range of sectors, including energy, infrastructure, finance, and technology. The Chinese government has also been working to strengthen economic and political ties with Gulf nations, and the establishment of a China-Gulf Free Trade Zone is seen as a key step in this direction. The goal of the trade zone is to increase trade and investment flows between China and Gulf countries, promoting economic growth and development in both regions.
