March 23, 2010GCC-China FTA talks make progress
MANAMA, March 23 (KUNA) -- Kuwaiti Minister of Commerce and Industry Ahmad Al-Haroun said here Tuesday GCC-China free trade agreement (FTA) negotiations are making good results and expected to be completed soon.
Addressing the first Gulf-Chinese Forum, the Kuwaiti minister said: "Several rounds of negotiations have been held, with a host of issues bearing on this agreement having been thrashed out. Both sides have made good results in such rounds." But, he said such rounds are still continuing for completing the discussion of all relevant subjects.
Over 300 Gulf and Chinese entrepreneurs are attending the gathering.
The Kuwaiti minister called on both Gulf and Chinese sides to work together to wipe out all obstacles scuttling a two-way strategic partnership.
He stressed the significance of finding joint institutions that could sponsor this partnership in all areas, and carry out more joint promotional activities, with the Gulf private sector to be given a key role in this respect.
Al-Haroun also called on both sides' official agencies to support a suggestion aiming to create a Gulf-Sino friendship society that could shoulder responsibility for promoting opportunities of cooperation and coordination between both sides.
He quoted the International Monetary Fund (IMF) as predicting oil revenues and prices to go up, thus allowing oil-exporting countries to rebuild their international reserves by over USD 100 billion in 2010.
He also quoted the IMF as anticipating Gulf economies to grow by 3.3 percent in 2010, and Gulf gross domestic product (GDP) to hit USD 6.9 billion.
"Such indications would enable us to go ahead with building economic relations and strategic partnerships with friendly countries, mainly the People's Republic of China, thanks to its international potential, resources and position," he said.
The Kuwaiti minister suggested that China can provide various forms of support for Gulf development programs, especially in the fields of technology, industry and services, given that it could be a mammoth market for Gulf oil, petrochemical and aluminum exports.
In 2008, two-way trade exchange a total of USD 70 billion, including USD 42 billion in Gulf exports and USD 28 billion in Chinese exports, he pointed out. The three-day forum mainly focuses on ways and means of pushing forward Gulf-Sino relations in economic, trade, investment and financial areas.
related articles ~
March 22-23 ~ Bahrain to host GCC-China Economic Talks
