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FINANCIAL NEWS
China, GCC must ink FTA deal: Chinese PM
19 Jan 2012
(MENAFN) Chinese Premier, Wen Jiabao, said that the country and the Gulf Cooperation Council (GCC) should ink a free trade agreement (FTA) as soon as possible, as the pact would benefit both parties, reported Emirates 24/7.
Jiabao added that talks were going on for 7 and a half years, adding that the two sides announced that they were starting negotiations in July 2004, and since then they held 5 rounds of negotiations.
On the other hand, UAE Foreign Minister, Sheikh Abdullah bin Zayed Al-Nahayan, said last year that bilateral trade between the GCC and China increased tenfold in the past ten years to USD100 billion.
It is worth noting that China inked energy deals with Saudi, in addition to other deals with the UAE.
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