The China-Gulf Cooperation Council Economic and Trade Ministers’ Meeting was the first multilateral trade and economic event hosted by MOFCOM following the success of the third Belt and Road Forum for International Cooperation. The aim is to implement the eight steps that President Xi Jinping announced to support high-quality Belt and Road cooperation. We will work with the trade authorities of GCC countries and the GCC Secretariat to accelerate the implementation of the measures adopted by the first China-GCC Summit in December last year. We will make joint efforts to ensure in-depth and substantive cooperation between China and GCC countries under the Belt and Road Initiative.

Earlier, we released the information of this meeting and the economic and trade cooperation between China and the GCC. To answer your question, I would like to share more details on the outcomes of this meeting.

First, the meeting made clear that China-GCC cooperation will be focused on high-quality Belt and Road development. As the BRI enters a new stage of high-quality development, China and GCC countries will work to create synergy between the BRI and the development vision of GCC members, deepen the Belt and Road partnership, and jointly promote the economic and trade prosperity China and GCC countries from a new starting point.

Second, the meeting adopted the Joint Statement on Deepening China-GCC Economic and Trade Cooperation. The two sides reviewed the implementation of economic and trade measures of the first China-GCC Summit, and agreed to give priority to trade and investment, the digital economy, sustainable development, infrastructure in our cooperation.

Third, the meeting decided to speed up the negotiations of the China-GCC Free Trade Agreement. The two sides recognized it was important to jointly safeguard the multilateral trading system and conclude the China-GCC FTA negotiations as soon as possible, and agreed to demonstrate flexibility to speed up the negotiations, so that the FTA can generate greater momentum for wider, more extensive, and deeper China-GCC economic and trade cooperation.

Fourth, the meeting advanced two-way investment cooperation between China and the GCC countries. To promote two-way investment in a constructive manner, the two sides held in-depth discussions on ways to advance the operation of the China-GCC Joint Investment Association, and welcomed partnerships between all kinds of investment and financing institutions of the two sides, including sovereign wealth funds.

On the side of the meeting, the China-China Economic and Trade Cooperation Forum was held. Through this ministerial meeting, the two sides sent a clear message to their business communities to strengthen economic and trade cooperation. About 400 representatives of Chinese and GCC enterprises, business associations and financial institutions joined the Forum, where they had extensive and practical exchanges on business opportunities in their respective markets. Thank you.

(All information published on this website is authentic in Chinese. English is provided for reference only.)