China, Gulf Arab states eye closer trade ties - joint statement

RIYADH, Oct 22 (KUNA) -- China and Gulf Cooperation Council (GCC) member countries share a common desire to bolster bilateral trade relations, a joint statement said on Sunday.
The statement was adopted after talks that brought together Chinese and GCC commerce ministers in the southern Chinese city of Guangzhou.
Such a goal entails outlining lucid and detailed strategies aiming to "deepen" bilateral cooperation and trade ties, which includes the establishment of a "multidimensional" trade system linking the GCC and Beijing, according to the statement.
As part of efforts to bring the aforementioned goal to fruition, the statement underscored plans to enhance the volume of trade between the Gulf Arab region and Beijing through adopting "digital platforms" that can be instrumental to bring forth an upturn in ties, it added.
On the global transition towards a "digital economy," the statement said it was imperative to turn to electronic platforms that deal with logistics and storage given their increasing significance towards broad development, the statement said.
Greater cooperation is not limited to increasing trade volume, it also includes introducing common initiatives that involve investment and sovereign funds in both regions, in addition to others that deal with vital sectors such as energy and finance, it added. (end) nam