The free trade deal being negotiated between China and the Gulf Cooperation Council must protect emerging Gulf industries, Saudi Arabia's Investment Minister Khalid al Falih says
"We have come a long way. The leadership from both sides is showing willingness," Saudi Arabia's investment minister Khalid al Falih says. / Photo: AFP
The free trade deal being negotiated between China and the Saudi Arabia-dominated Gulf Cooperation Council needs to protect emerging Gulf industries, the Saudi investment minister said, adding he hoped it would be finalised soon. "We need to enable and empower our industries to export, so we hope all countries that negotiate with us for free trade deals know we need to protect our new, emerging industries," Investment Minister Khalid al Falih said on Sunday.
"We need to provide them with market economics and some kind of protection," he said at the Arab-China Business Conference in Riyadh, without providing more detail. Talks on a China-GCC Free Trade Agreement began in 2004 but have repeatedly stalled, most recently in 2016 after a ninth round. They have recently seen renewed momentum under warming ties between Saudi Arabia, under Crown Prince Mohammed bin Salman, and China, with China's foreign minister in early 2021 calling for talks to resume."We have come a long way. The leadership from both sides is showing willingness," Falih said.
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