On September 29, Minister of Commerce of China Wang Wentao and Minister of Investment Khalid bin Abdulaziz Al-Falih co-chaired the meeting of the fourth session of the Sub-Committee for Trade and Investment under the China-Saudi Arabia High-Level Joint Committee. The two sides exchanged views and reached broad consensus on synergizing the Belt and Road Initiative and Vision 2030 of Saudi Arabia, deepening two-way investment cooperation, tapping into the potential of trade and other topics.
Wang Wentao said that under the strategic guidance of President Xi Jinping, King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman, China-Saudi Arabia trade and economic cooperation has grown in volume, width and depth. China is Saudi Arabia’s largest trading partner while Saudi Arabia is China’s biggest trading partner in the Arab world. The bilateral cooperation on trade and investment, infrastructure, and emerging areas has delivered remarkable results. Going forward, the two sides should fully implement the important consensus by the leaders on the trade and economic fronts, move faster with the China-GCC FTA negotiations, strengthen two-way investment cooperation on digital economy and green development, and deepen practical cooperation on e-commerce and trade promotion in a bid to promote development of China-Saudi Arabia comprehensive strategic partnership with concrete results of commercial cooperation.
Khalid bin Abdulaziz Al-Falih said that China and Saudi Arabia have a long-standing relationship. Belt and Road cooperation has injected a new impetus into bilateral trade and economic cooperation. Thanks to the personal guidance of the leaders of the two sides, China and Arabia have witnessed robust growth in trade, ever-expanding two-way investment, and cooperation potential unlocked in green and low-carbon growth. China has become Saudi Arabia’s most reliable partner in realizing the Vision 2030. Saudi Arabia looks forward to hosting the inaugural China-Arab states summit and an early conclusion of China-GCC FTA, stands ready to promote cooperation with China on trade and investment, infrastructure, renewable energy, smart cities, auto manufacturing, third party market and other traditional and emerging areas and will work together with China to foster a diverse and lasting commercial relations and achieve win-win results.
Representatives of relevant ministries, local governments and organizations of China and Saudi Arabia attended the meeting.
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