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Saudi Arabia Stresses Protection of Gulf Industries in GCC-China Free Trade Talks

 

Photo credit: Bandar Al Galoud - Saudi Royal Court 

Saudi Arabia’s Minister of Commerce and Investment emphasizes the need to protect Gulf sectors’ interests in the GCC-China free trade deal discussions.

They stress the importance of safeguarding local industries and promoting economic diversification in the Gulf area. Concerns have been raised regarding the impact of the agreement on local sectors as Gulf nations work towards stronger commercial relations with China. Saudi Arabia seeks a balanced accord that supports the development of emerging sectors and economic diversification.

The GCC member nations are striving to diversify their economies away from oil and gas revenues by boosting manufacturing, technology, and services. The minister underscores the necessity of fair competition and a level playing field for Gulf industries in the trade deal.

They also emphasize removing non-tariff barriers and improving market access for Gulf goods in China, including trade facilitation and promotion of exports. The negotiations aim to achieve a mutually beneficial agreement that supports Gulf economic development and job creation.







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