BEIJING: Qatar participated in the first session of the Economy and Commerce Ministers' Meeting of the GCC countries and China, held in China's Guangzhou City.
The meeting was attended by Undersecretary of the Ministry of Commerce and Industry HE Sultan bin Rashid Al Khater, Minister of Commerce of China Wang Wentao, Their Excellencies Economy and Commerce Ministers of the GCC countries, GCC Secretary General Jasem Mohamed Albudaiwi and Guangdong Provincial Governor Wang Weizhong.
In his speech at the meeting, the undersecretary of the Ministry of Commerce and Industry emphasized the depth of the relationship between GCC countries and China, which has become a model for international cooperation, noting that both sides have worked over the years to deepen and develop these relationships and to develop the necessary mechanisms for ongoing consultation and dialogue to achieve an ambitious future partnership based on common values and interests, and collaboration at both bilateral and multilateral levels in various fields.
He added that the existing cooperation has made China GCC's largest trading partner, pointing out that the State of Qatar recognizes the importance of economic and trade cooperation between the two sides, given the economic weight they hold on a global scale.
The trade volume between Qatar and the People's Republic of China witnessed a growth of about 45 percent, reaching approximately $26bn in 2022. China is Qatar's largest trading partner, and around 195 Chinese companies are operating in the Qatari market.
On the Chinese side, Minister of Commerce of China Wang Wentao said that this ministerial meeting represents a step to enhance Chinese-GCC economic and trade cooperation. He noted that the meeting was held in the context of the China-Arab Summit and the China-GCC Summit, aiming to translate the agreements reached between Chinese and Gulf leaders and promote economic and trade cooperation within the framework of the Belt and Road Initiative.
He further said that this meeting marks the first of its kind for a collective dialogue between the GCC and China in the economic and trade fields, stressing that both sides are ready to utilize this meeting to work together to enhance economic, trade, and investment cooperation and boost integration between their interests, elevating the existing strategic partnership to higher levels.
At the conclusion of the meeting, a joint statement was issued regarding the enhancement of cooperation within the framework of the Joint Action Plan for Strategic Dialogue between the Gulf Cooperation Council and the People's Republic of China, and economic and trade cooperation, in line with what was agreed upon during the first Gulf-China Summit held in Riyadh, Saudi Arabia, in December 2022. The joint statement touched on economic and development prospects and cooperation in the fields of trade, investment, digital economy, sustainable development, and infrastructure.
Additionally, the undersecretary of the Ministry of Commerce and Industry participated in China-GCC Economic and Trade Cooperation Forum, held on the sidelines of the first session of the Economy and Commerce Ministers' Meetings of the GCC countries and China, in the presence of private sector representatives from companies, business organizations, financial institutions, research and study centres in China and GCC countries. During the forum, ways of intensifying joint efforts to explore investment and cooperation opportunities in various economic fields were discussed.
In this context, the forum highlighted the advantages of the business environment in the State of Qatar and the stimulating economic policies implemented by the State to support the private sector and encourage investors, business owners, and entrepreneurs to invest in Qatar.
Two sub-forums were organized with the aim of exploring the consensus of the China-GCC summit. The first sub-forum focused on green development and the digital economy, while the second focused on industrial investment and financial cooperation.
