On 11th September, Chinese Premier Li Qiang and Saudi Crown Prince Mohammed Bin Salman met in Riyadh to discuss collaboration across various sectors such as energy, investment, and trade, according to the Saudi state news agency, SPA. Earlier in the day, Li had called for expedited free trade negotiations between Beijing and the Gulf Cooperation Council (GCC), which encompasses Saudi Arabia and the United Arab Emirates. Li’s comments were made during a separate meeting with GCC Secretary General Jasem al-Budaiwi, as reported by the Chinese state news agency, Xinhua.
SPA reported that al-Budaiwi emphasized the need to advance and conclude the trade negotiations in the “near future.” The discussions on free trade have hit a standstill due to Saudi Arabia’s concerns over inexpensive Chinese imports. Sources informed Reuters in May that the negotiations were at an impasse. Saudi Arabia fears that a surge of low-cost Chinese products could undermine its domestic manufacturing goals and impact its industrial strategy, the sources added.
China and the GCC, which also comprises Qatar, Kuwait, Oman, and Bahrain, began free trade negotiations almost two decades ago. According to a statement from China’s Foreign Ministry, Premier Li Qiang suggested that both parties should further expand bilateral trade and enhance cooperation across various sectors, including oil and gas, petrochemicals, infrastructure, as well as emerging areas such as new energy and the green economy. Li also noted that Saudi Arabia is prepared to collaborate closely with China on multilateral issues to support regional and global peace, security, and stability.
To further discussions with key countries in the GCC, Li arrived in Abu Dhabi on Wednesday evening where he will meet UAE Vice President and Prime Minister Mohammed, the Foreign Ministry informed.
