China, in collaboration with the Gulf Cooperation Council (GCC), is committed to enhancing bilateral trade and investment as part of a comprehensive strategy to advance Belt and Road cooperation.
These efforts are aimed at elevating the quality and level of development in this partnership. China’s Minister of Commerce, Wang Wentao, made this announcement during a meeting with economic and trade ministers from the six member states of the GCC in Guangzhou, China.
During the meeting, both sides pledged to align Belt and Road cooperation with the development strategies of GCC member countries. They also committed to expanding cooperation in various sectors, including the digital economy, sustainable development, and infrastructure.
Specifically, China aims to establish a free trade agreement with the GCC, facilitate exchanges between the sovereign wealth funds of both sides, and explore collaborative infrastructure projects in areas such as ports, aviation, communications, and pipelines.
The meeting resulted in a broad consensus on issues including upholding the multilateral trading system, promoting mutual investment, deepening cooperation in industrial and supply chains, improving connectivity, and advancing energy transformation. A joint statement on intensifying economic and trade cooperation was issued as well.
