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Pro-Palestinian encampment at Dalhousie University - May 13, 2024 | SaltWire #news #halifax #protestDUBAI - Negotiations between China and an Arab bloc for a free trade agreement have stalled over concerns by Saudi Arabia that cheap Chinese imports could undermine its ambitions to transform the kingdom into an industrial powerhouse, sources say.
Saud Arabia's government communication office, the GCC Secretariat and China's commerce ministry did not respond to Reuters requests for comment on the trade negotiations. Prince Mohammed wants Saudi Arabia to not only lessen its dependence on oil rents by creating a strong private sector but also to transform the kingdom into a major global business hub.
The sources said a China-Gulf trade deal was not off the table but that the Saudis and the Chinese would likely have to settle on some sort of compromise to see the deal finalised. China is a massive buyer of Gulf energy and in 2023 bilateral trade between China and the Gulf stood at $286.9 billion, according to Chinese customs data, with Saudi Arabia accounting for nearly 40% of trade between the Gulf and China.
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