Building a world of
resilient communities.

MAIN LIST

 

China, GCC discuss FTA

China is in discussions with a group of six Middle Eastern countries to establish a free trade pact, state media reported Monday.

A Middle East delegation led by Kuwait’s Finance Minister Mahmoud Al-Nouri is in Beijing and meeting with the Ministry of Commerce and Ministry of Finance to discuss the Free Trade Agreement (FTA), the China Daily said.

Citing Kuwait’s ambassador to China Faisal Al-Ghais, it said the delegation included finance ministers and others from the six Gulf Cooperation Council countries — United Arab Emirates, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia.

“It will be a historic visit which will surely comprehensively promote bilateral trade and economic relations ,” Mr Al-Ghais said. Mr Al-Ghais said the two sides would sign a comprehensive trade and economic cooperation framework agreement during the visit and begin discussing an FTA.

The FTA would include tariff reductions and simplification for flows of goods and facilitation of mutual investments, the newspaper said.

If established, it would be China’s second FTA with a regional group after signing a framework free trade accord with the Association of Southeast Asian Nations (ASEAN) last year.

China is currently in talks with several other possible FTA partners, including New Zealand, Australia, Chile and South Africa.

However, an FTA between China and the Gulf Cooperation Council, which holds 45 percent of the world’s oil reserves and accounts for 20 percent of oil production, would help shore up China’s energy supplies.

China is increasingly importing oil due to strong domestic demand, stemming from a fast growing economy. Growth in car sales has also led to higher oil consumption.

“We are prepared to provide China with its energy needs,” Mr Al-Ghais said.

“Both sides are practical. They have realized the importance of each other. I don’t see any reason for the negotiations not to proceed very well and smoothly.”

China-Gulf Cooperation Council trade volume rose 46 percent to $17 billion last year, the newspaper said.

What do you think? Leave a comment below.

Sign up for regular Resilience bulletins direct to your email.

Take action!  

Find out more about Community Resilience. See our COMMUNITIES page
Start your own projects. See our RESOURCES page.
Help build resilience. DONATE NOW.

 

This is a community site and the discussion is moderated. The rules in brief: no personal abuse and no climate denial. Complete Guidelines.


Debt: The Key Factor Connecting Energy and the Economy

There are many who believe that the use of energy is critical to the growth …

Can the Climate Movement Break Free from the ‘Jobs vs. Environment’ Debate?

Where unions and greens coalesced around confronting rampant workplace …

Peak Oil Review - May 2

 A weekly roundup of peak oil news including: -Quotes of the Week -Oil …

The Debacle at Doha

Sunday, April 17th was the designated moment. The world’s leading oil …

Is Peak Oil Dead and What Does it Mean for Climate Change?   

This session seeks to bring together fossil fuel experts and climate experts …

Peak Oil Review: A Midweek Update - Apr 28

 A midweek update. Oil prices continued to climb this week, capped …

San Francisco Becomes First Major City to Require Solar Panels on New Buildings

San Francisco is one step closer to its goal of transitioning to 100 percent …