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

Saudi Arabia’s Minister of Commerce and Investment has stressed the necessity of
protecting the interests of rising Gulf sectors in the current discussions between the Gulf
Cooperation Council (GCC) and China for a free trade deal. The minister emphasizes the
need of safeguarding local industry and encouraging economic diversification in the Gulf
area.

Concerns have been expressed about the possible effect of a free trade deal on local
sectors as the Gulf nations strive to strengthen commercial relations with China. Saudi
Arabia, as one of the region’s major economies, argues for a balanced accord that
stimulates the development of developing sectors and economic diversification.

The GCC member nations have been working hard to diversify their economies away from
oil and gas earnings by boosting industries such as manufacturing, technology, and
services. The Saudi minister emphasized the need of proper protections to avoid unfair
competition and to provide a level playing field for Gulf industry in any free trade deal.

In addition to defending growing sectors, the Saudi minister emphasizes the significance of
removing non-tariff obstacles and improving market access for Gulf goods in China. This
covers trade facilitation and promotion of Gulf nations’ exports of products and services to
China.

The GCC-China free trade agreement has the potential to significantly increase commerce
and investment between the Gulf area and the world’s second-largest economy. However,
Saudi Arabia and the other Gulf governments want to make sure the pact helps their
economy in a balanced and long-term way.

ALSO READ: Saudi Arabia’s FM and Solomon Islands PM discuss ways to develop joint cooperation

Negotiations between the GCC and China are continuing, with both sides hoping to reach an
agreement soon. The Saudi minister’s demand to preserve developing Gulf businesses is
consistent with the region’s larger goal of fostering economic development, diversification,
and job creation.

As the Gulf nations negotiate the global commercial environment, they appreciate the need
of establishing advantageous trade agreements that defend their interests. The GCC-China
free trade deal offers a chance for greater collaboration and economic integration, but it must
be carefully constructed to assist the development of growing Gulf sectors.