Xi’s Visit to Saudi Arabia: Riyadh & Beijing Consider Creating China-Gulf Free Trade Zone
In this photo made available by Saudi Press Agency, SPA, Saudi Crown Prince and Prime Minister Mohammed bin Salman, right, greets Chinese President Xi Jinping, during the Gulf Cooperation Council (GCC) Summit, in Riyadh, Saudi Arabia, Friday, Dec. 9, 2022
Oleg BurunovChinese President Xi Jinping underscored that Beijing considers Riyadh an important power in the multipolar world and attaches great importance to bolstering a strategic partnership with Saudi Arabia on Thursday.Riyadh and Beijing are considering the creation of a free trade zone between China and members of the Gulf Cooperation Council (GCC) comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), according to Saudi Crown Prince Mohammed bin Salman.Speaking at the China-Gulf Summit in the Saudi capital on Friday, bin Salman added that the GCC members and Beijing are cooperating to resolve problems pertaining to food and energy security.
Opinion & AnalysisXi’s Visit to Saudi Arabia: Why is Riyadh Enhancing Relations With China?7 December, 17:34 GMT“We are [also] exploring opportunities for cooperation with China in the field of supply chains,” the Saudi Crown Prince pointed out.
He stressed that the Friday summit “reflects a mutual desire to enhance Chinese-Gulf cooperation,” and that the gathering “establishes a historic new phase” of relations between Beijing and GCC nations.
Chinese President Xi Jinping, for his part, pledged that his country and the GCC “will work to establish a joint investment council and a center for the security of nuclear energy used for peaceful purposes.”The remarks followed Saudi and Chinese companies signing at least 34 investment agreements as part of Xi’s visit to the kingdom, which kicked off on Wednesday.
Saudi Investment Minister Khalid bin Abdulaziz Al-Falih was cited by local media as saying that the agreements reflect Riyadh and Beijing’s intention to boost bilateral cooperation in all areas.
The minister added that the kingdom offers “unprecedented” opportunities for investments in various areas, including renewable energy, industry, communications, biotechnology, tourism and construction, as part of the Saudi Vision 2030 — the economic development program to reduce the country’s dependence on oil, diversify its economy, and develop various public service sectors.
WorldXi Jinping’s Visit to Saudi Arabia: A ‘Double Blow’ to the US?7 December, 11:50 GMTHe was echoed by Xi, who underscored that such a collaboration has broad prospects, and that “China views Saudi Arabia as an important force in the multipolar world and attaches great importance to the development of a comprehensive strategic partnership with Riyadh.”In 2021, the Chinese-Saudi trade turnover reached 304.3 billion Saudi riyals ($81 billion) — a 37% increase from 2020’s 221.6 billion Saudi riyals ($58 billion).
