The China-GCC Economic and Trade Ministers' Meeting achieved positive outcomes

By：MOFCOM Update：2023-10-23

On October 22, the China-GCC Economic and Trade Ministers' Meeting was held in Guangzhou. Wang Wentao, Minister of Commerce, Jasem Al Budaiwi, Secretary General of the Gulf Cooperation Council, and heads of economic and trade departments of GCC countries such as Oman, United Arab Emirates, Bahrain, Saudi Arabia, Qatar and Kuwait attended and addressed the meeting. Li Fei, Vice Minister of Commerce, attended the meeting.

Focusing on the implementation of the economic and trade measures of the first China-Gulf Cooperation Council (GCC) Summit, the meeting reached broad consensus on issues such as jointly safeguarding the multilateral trading system, promoting two-way investment, deepening cooperation in industrial and supply chains, improving the level of connectivity and promoting energy transformation, and adopted the Joint Statement of Economic and Trade Ministers of People's Republic of China and Member States of the Gulf Cooperation Council on Deepening Economic and Trade Cooperation.

All parties spoke highly of the positive progress made in the implementation of the economic and trade measures of the first China-Gulf Cooperation Council (GCC) Summit, and agreed that they would further strengthen the alignment of BRI cooperation with the development strategies of GCC member states, strengthen the development of economic cooperation and trade mechanisms, and deepen exchanges and cooperation in the fields of trade and investment, digital economy, sustainable development, infrastructure, among others, based on platforms such as the China-GCC Economic and Trade Ministers' Meeting and the bilateral economic and trade joint (mixed) commissions, and constantly cultivate new growth areas of China-GCC economic cooperation and trade.

Wang Wentao pointed out that Chinese modernization will bring new opportunities for China-GCC cooperation. GCC member countries are actively promoting industrial diversification, and China-GCC economic cooperation and trade enjoy broad prospects. China will actively implement the eight major steps to support the joint pursuit of high-quality Belt and Road cooperation announced by President Xi Jinping, and is ready to join hands with the GCC for greater development of bilateral trade and investment. First, jointly pursuing free trade together. We will conclude a China-GCC FTA as soon as possible, support and promote the WTO reform, and promote the success of the 13th WTO Ministerial Conference. Second, jointly exploring investment opportunities. We will actively promote the operation of a joint investment commission between China and GCC and support the exchange and cooperation between sovereign wealth funds on both sides in various ways. Third, jointly building industrial synergy. We will deepen the "oil and gas+" cooperation model, encourage and support enterprises on both sides to carry out industrial investment cooperation in accordance with market-based principles, and keep industrial and supply chains stable and smooth. Fourth, jointly building regional channels. We will consolidate and expand cooperation on connectivity, and explore practical opportunities for infrastructure cooperation in ports, aviation, communication, pipelines and other fields. Fifth, jointly advocating green and low carbon development together. We will actively promote energy transformation, and constantly unleash clean energies such as photovoltaic, wind, nuclear, hydrogen and biomass energies, as well as the cooperation potential of NEV industries such as power batteries and smart charging piles.