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Economic and Trade Cooperation between China and the GCC Countries under Construction of FTA
Author(s): ZHAO Qingsong, Xinjiang University of Finance and Economics
Pages: 59-
71
Year: 2015
Issue:
3
Journal: Arab World Studies
Keyword: China and the GCC Countries; Economic and Trade Cooperation; FTA Construction; Obstacles and Countermeasures;
Abstract: GCC countries play the indispensable important role in China’s "one belt and one road "strategy. The bilateral trade volume between China and the GCC countries has increased about 15 times from 2001 to 2013. China has become the second largest oil importer of GCC countries,Saudi Arabia and the United Arab Emirates rank the first and second trading partner of China in the Middle East.China’s direct investment in the GCC countries is growing fast,GCC countries’ investment in China focuses on petrochemical industry and the financial sector. GCC countries are also important market for China’s international project contracting.FTA negotiations between China and the GCC are facing some obstacles and problems. China should take this opportunity of the international oil prices tumbling to increase the imports of crude oil from the GCC,eliminate "Asian premium"under the construction of FTA,and promote "1 + 2 + 3"cooperation pattern with the GCC countries.
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