The first session of the meeting of Ministers of Economy and Trade from China and the member states of the Gulf Cooperation Council was held in the city of Guangzhou in the People’s Republic of China on 10/22/2023 AD, where the meeting was attended by His Excellency Mr. Wang Wentua, Minister of Commerce of China, and Abdullah bin Touq Al Marri, Minister Economy in the United Arab Emirates, Abdullah bin Adel Fakhro, Minister of Industry and Trade of the Kingdom of Bahrain, Abdulrahman bin Ahmed Al-Harbi, Ambassador of the Custodian of the Two Holy Mosques to the People’s Republic of China, Qais bin Mohammed Al-Yousef, Minister of Trade, Industry and Investment Promotion of the Sultanate of Oman, and His Excellency Sultan Bin Rashid Al Khater, Undersecretary of the Ministry of Commerce and Industry in the State of Qatar, Mohammed Othman Al Aiban, Minister of Trade and Industry and Minister of State for Youth Affairs in the State of Kuwait, and His Excellency Jassim bin Mohammed Al Budawi, Secretary General of the Cooperation Council for the Arab States of the Gulf (hereinafter referred to as the Parties).
The parties conducted discussions with confidence, understanding and mutual respect, where a study was held on enhancing work within the framework of the joint action plan for the strategic dialogue between the Gulf Cooperation Council and the People’s Republic of China and cooperation in the economic and trade fields, in accordance with what was reached during the first Gulf-Chinese summit held in the city of Riyadh, the capital of The Kingdom of Saudi Arabia on the ninth day of December 2022 AD and discussed ways to translate it into reality, and issued a statement as follows:
a. Common economic and development prospects
1 The parties expressed their keenness to continue cooperation within the framework of the Belt and Road Initiative and the national visions of each Gulf Cooperation Council country, and to work to enhance the building of economic and trade cooperation mechanisms and deepen bilateral cooperation between the Gulf Cooperation Council countries and the People’s Republic of China, as well as to enhance collective cooperation within the framework of the trade system. Multilateral and continue to find new opportunities for cooperation based on mechanisms and platforms, most notably the 6+1 meeting of Ministers of Economy and Trade between China, the Council and the Joint Committee for Economic and Trade Cooperation.
B. Trade and investment
2. The parties stressed the continued strengthening of cooperation to achieve common goals in various fields of trade, investment, industry and advanced technology, through implementing the joint action plan for cooperation in the economic and commercial field for the period (2023-2027) and intensifying communication between the government and private sectors on both sides to discuss economic, trade and investment opportunities. Translating them into concrete partnerships.
3. The parties expressed their desire to raise the level of trade liberalization and facilitation and stimulate the potential for developing trade and expanding its volume, in addition to enhancing cooperation in services trade and developing digital trade.
4 The Parties expressed their support for the development of existing and new effective mechanisms to promote and ensure the flow of trade and to strengthen cooperation and communication in various fields.
5. The parties stressed the need to advance negotiations to reach the conclusion of a free trade agreement between China and the Council as soon as possible.
6. The Parties emphasized the important role played by an open, fair, equitable, sustainable, inclusive and rules-based multilateral trading system in restoring growth, creating jobs, and promoting sustainable development, with the World Trade Organization as its centre.
7. The parties expressed their support and welcome to the United Arab Emirates for holding the thirteenth session of the Ministerial Meeting of the World Trade Organization in February 2024, and stressed the importance of continuing the positive momentum towards the next Ministerial Conference and strengthening efforts to work constructively with other members of the organization.
8. The Parties stressed the importance of stable and reliable energy supply for trade, industry development and investment. In this context, the parties expressed their support and encouragement for the continued trade of crude oil, natural gas and petroleum derivatives between China and the GCC countries, agreeing on the importance of stability in global petroleum markets.
9. The parties wished to jointly explore the possibility of deepening cooperation in the areas of e-commerce, financial technology, etc.
10. The parties praised the success of the first session of the China-Gulf Economic and Trade Cooperation Forum, as it created a unique platform to enhance comprehensive economic and trade cooperation, stressing their support for the continued establishment of the forum during the upcoming sessions, and the Chinese side welcomed the active participation of the Council member states in the China International Import Expo and the China Expo. For Import and Export, China International Investment and Trade Conference, China International Services Trade Fair, China and Arab Countries Exhibition, etc.
11. The parties stressed the importance of expanding investment cooperation, and encouraging businessmen to intensify the exchange of visits in order to promote joint investment in China and the GCC member states and enhance cooperation between small and medium enterprises in the fields of trade, investment, industrial communication, innovation, etc.
12. The parties expressed their welcome to encourage the building of partnerships between Chinese and Gulf funds and investment and financing institutions and to activate their constructive role, in an effort to raise the level of mutual investment cooperation.
13. The parties noted the need to strengthen cooperation in training digital skills and digital technology innovation, and to encourage the government sector, scientific research bodies, and institutions to conduct training cooperation at all levels, thus promoting the dissemination and upgrading of digital skills and supporting institutions in their integration into the global system for developing advanced digital technology through Establishing laboratories, jointly building an incubator for innovation and entrepreneurship, and establishing a strategic union for research and development.
C digital economy
14. The parties see that the digital economy is an effective engine of importance for the development of the global economy, and are aware that, through mutual trust and huge capabilities, they are pushing for cooperation in this field, and they are continuing to work and continue to complete the communication mechanism with the aim of linking development strategies with the policies, regulations and standards concerned with them, and determining the issues priority, based on the principles of open cooperation, innovative development, mutual benefit and common success.”
15. The Parties affirmed the strengthening of cooperation in the field of infrastructure for the digital economy, and encouraged institutions to participate actively to provide traditional infrastructure with digital transformation in its fields, in an effort to establish and complete communications infrastructure, including broadband networks, the Internet, satellite navigation, and computing infrastructure, Including large data centers, cloud computing centers, and smart infrastructure, including artificial intelligence, the fifth and sixth generation networks, and smart cities.
16. The parties expressed their desire to enhance cooperation in emerging fields and technologies in an up-to-date and advanced manner, and to encourage institutions to adopt smart interaction technologies via the fifth and sixth generation networks, the Internet of Things, artificial intelligence, big data, and others, and to activate their use in modern manufacturing, facilitating trade, transportation, communications, financial and commercial businesses, health, and education. And others, to enhance cooperation in the fields of smart logistics and smart warehousing, which will provide new development opportunities for mutual cooperation in the digital economy.
Dr.. sustainable development
17. The parties affirmed their position to adhere to the common consensus for sustainable development and to take the global energy transition phase as an opportunity to reach a new stage of economic development in the field of sustainable development, enhance strategic economic communication and push for intensified coordination between the government sector, sector organizations, financial institutions and companies in a way to deepen exchange and cooperation. In the field of green economy and clean energy.
18. The parties expressed their readiness to encourage relevant institutions to cooperate in investment in the field of sustainable development, including clean energy such as solar photovoltaic and thermal energy, wind energy, nuclear energy, hydrogen, and technologies and innovations.
19. The Parties expressed their willingness to encourage companies to fulfill their environmental responsibilities within the framework of the “Green Saudi Arabia” and “Green Middle East” initiatives aimed at reducing emissions, provided that they adhere to the requirements of the United Nations Framework Convention on Climate Change, the Convention on Biological Diversity, and climate/carbon neutrality goals. , promote green design, green procurement, green construction, green production and green operations, enhance cooperation in green innovation and technology, and promote the coordinated development of the economic, social and environmental environment of China and the GCC countries.
20. The parties also expressed their keenness to enhance cooperation in planning, technology development, innovation, promotion of model projects, and training of competent people in the fields of new and renewable energy.
e. Infrastructure
21. The parties stressed the importance of sustainable infrastructure to advance the development of the national economy and social development, and each of the parties has a firm will to cooperate in building high-level infrastructure. They are ready to develop and deepen cooperation in infrastructure and support institutions, to participate in the construction and operation of infrastructure in the areas of railways and airports. Ports, roads, energy, logistics areas, electricity, communications, water, etc., and support cooperation in complete industry supply chains that include exploration, planning, design, consulting, supervision, construction and operation.
22. The parties are keen to enhance communication and exchange on infrastructure development planning and the policies, laws and regulations concerned therewith and to encourage organizations of relevant sectors and institutions to hold exhibitions, seminars and other events in order to enhance the extent of acquaintance and the depth of friendship and cooperation.
23. The parties expressed their desire to discuss and consult on joint financing of major infrastructure projects in various forms and in a flexible manner, and to support the cooperation of institutions with financial instruments used in the world, most notably export credit insurance.
.24. The parties stressed the interest of both sides to enhance cooperation within the Joint Framework Initiative to Address Debts, which was adopted by the G20 at the summit meetings held under the presidency of the Kingdom of Saudi Arabia in the year 2020. The Gulf states appreciate China’s role in supporting the “Joint Framework for Action” initiative, with both parties stressing the importance of intensifying efforts. international standards in order to implement them in a timely, organized and coordinated manner.
25. The Gulf side expressed its sincere thanks to the Chinese side for its efforts in making the first 6+1 meeting of economic and trade ministers between the two sides a success, stressing the importance of this mechanism to deepen practical cooperation characterized by mutual benefit between the two sides, and they agreed to consult through diplomatic channels about the place and date for holding the session. The second meeting took place in one of the countries of the Gulf Cooperation Council.
26. Their Excellencies the Ministers of Economy and Trade of the Gulf Cooperation Council countries, and the Chinese Minister of Commerce, take this opportunity to extend their highest thanks and appreciation to the leaders of the Gulf Cooperation Council countries and the Chinese President for their constant support and sound guidance in developing relations between the Gulf Cooperation Council countries and the People’s Republic of China.
