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China, Saudi Arabia to boost trade

China and Saudi Arabia have agreed to expand bilateral trade to 60 billion U.S. dollars a year, by 2015. Representatives from the two countries got together in the Saudi capital, for the fourth meeting of their joint committee on economy and trade.

Chinese Minister of Commerce Chen Deming and Saudi Minister of Finance Ibrahim bin Abdel Aziz al-Asaf co-chaired the meeting.

Chen hailed the rapid growth of bilateral economic and trade ties, noting that Saudi Arabia has been China's biggest trade partner in the region for eight consecutive years. He said both sides have agreed to expand the trade volume to 60 billion U.S. dollars by 2015.

Chen said, "The aim of China and Saudi Arabia was to reach a bilateral trade volume of 40 billion U.S. dollars and this goal was achieved in 2008 - two years early. The volume of trade exchange in 2009 declined, but this figure is calculated on the basis of real goods. So we have full confidence and the future direction of our trade cooperation during, and after the international financial crisis."

Chen Deming also proposed maintaining long-term and steady crude oil purchases, in addition to enhancing cooperation on exploiting gas, oil projects and petrochemical industry, and establishing a cooperation mechanism on trade remedy.

Chen stressed that both sides should promote negotiation of a free trade agreement between China and the Gulf Cooperation Council.