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Jeddah - Yasmine El Tohamy - RIYADH: In a bid to strengthen economic and trade ties, a recent ministerial meeting in Guangzhou paved the way for increased joint investment and collaboration between the Gulf countries and China.  

In a final communique issued on Sunday, the conferrers urged entrepreneurs from these regions to embark on reciprocal visits. These trips aim to stimulate joint investment and foster partnerships among small and medium-sized enterprises in trade, investment, industrial communication, and innovation, according to the Saudi Press Agency. 

Notably, during the first session of the meeting, discussions revolved around the strategic economic and trade joint action plan, in alignment with the agreements reached during the initial Gulf-Chinese summit in Riyadh in December last year.  

The two parties expressed their enthusiasm to continue cooperation within the framework of the Belt and Road Initiative and the national visions of the Gulf Cooperation Council countries.  

They also agreed on strengthening cooperation within the framework of the multilateral trading system and continuing to find new opportunities for collaboration based on mechanisms and platforms, especially the 6+1 meeting of ministers of economy and trade between China and the GCC states and the joint committee for economic and trade cooperation. 

Additionally, representatives from both parties emphasized their commitment to enhancing trade liberalization and simplification, as they actively seek ways to boost growth and expansion while focusing on strengthening cooperation in services trade and digital trade. 

Moreover, the participants emphasized the critical role of a stable and reliable energy supply in supporting trade, industrial development, and investment. In this context, both parties expressed their unwavering support for the ongoing exchange of crude oil, natural gas, and oil derivatives between China and the GCC countries. They unanimously agreed on the significance of maintaining stability in global oil markets, highlighting the vital interconnection between energy resources and economic activities.  

At the digital economy level, the parties believe that the sector is an essential active engine for the development of the global economy, the final communique stated, adding that the conferrers are aware that through mutual trust and substantial potential, they will continue to further link the development strategies, policies, regulations, and standards.  

When discussing sustainability, the two sides emphasized their commitment to adhering to the common consensus on sustainable development and viewing the global energy transition as an opportune moment to enter a new phase of sustainable economic growth. 

Regarding infrastructure, the parties highlighted the significance of sustainable infrastructure in promoting the advancement of any national economy and social development. 

The final statement also affirms the commitment of both sides to collaborate in the construction and operation of high-quality infrastructure in various sectors, including railways, airports, ports, roads, energy, logistics zones, electricity, communication, water, and more.