China has made securing a free-trade agreement (FTA) with the GCC a high priority as demand for energy and industrial imports in the fast-emerging global superpower rises.
Formal talks could start as early as this year as China aims to lower barriers on trade to ease its access to oil and petrochemical imports needed to fuel its expansion, officials from the country say.
"It's a top priority for China," said Professor Zhao Zhongxiu, the deputy secretary general of the China Association of International Trade. "A free-trade agreement with the GCC is under consideration."
Analysts say an agreement between the world's top exporter and the leading oil-exporting region would make economic sense for both.
Trade between China and the GCC is expected to more than triple to at least US$350 billion (Dh1.28 trillion) in the next decade, the US global consultancy McKinsey forecasts.
China's demand for oil is forecast to grow by 4.7 per cent this year to 8.9 million barrels a day, the International Energy Agency forecasts. That bodes well for the GCC, which supplies about 35 per cent of China's crude imports.
FTAs work by lowering tariffs on goods and services traded between countries. While such an agreement could lower the cost of exporting oil, petrochemicals and other goods to China, it could also include products such as electronics and clothes heading to the GCC.
Reducing tariffs could also help boost the competitiveness of goods from the countries involved compared with exports from outside countries.
"The basis of free trade agreement has to be mutually supplementary," said Cheng Siwei, the chairman of the International Finance Forum in China. "In the Middle East, energy is the most important component as China is a net importer of energy, but beyond that we have many other things that could be mutual supplementary issues.
"China is now producing many electronic products and we have the market in the GCC for them."
China has surpassed the US as the biggest exporter to the GCC, with annual exports growing more than 10-fold to about $60bn in the past decade.
China already has free-trade agreements with eight countries including Peru and Chile. It is negotiating similar arrangements with its neighbours South Korea and Japan.
Now it is looking for an agreement with the GCC.
"It makes sense for China to deepen its relationship with the world's leading oil producer," said Jarmo Kotilaine, the chief economist of NCB Capital of Saudi Arabia.
There was also a recognition of how growing demand from GCC consumers for Chinese goods could help to diversify the country's export base away from advanced economies such as the US and Europe, Mr Kotilaine said.
Beyond that, there may also be a desire to form closer political and economic co-operation in the East as an alternative to "Washington or Brussels-led models", he said.
Initial contact between officials has already started but formal talks could begin as early this year, with the process likely to take two to three years, said Prof Zhongxiu.
GCC officials will hope the negotiating process proves less problematic than attempts to strike an FTA with the EU, which appear to have broken down over disagreement on issues such as petrochemical subsidies.
While China and the GCC appear to be heading towards closer trade links, investment ties are largely undeveloped apart from some mainly within the energy, industry and construction sectors.
Borouge, a plastics producer based in Abu Dhabi, is planning to build a second factory in China, a little more than a month after inaugurating its first plant in the country to produce polypropylene compounds used in the car industry.
Within the UAE, foreign ownership caps on international companies setting up outside the free zones was proving a deterrent to Chinese investment, said Mr Cheng.
"This is why some Chinese people are reluctant," he said. "They were interested but found this out and this is a problem."
tarnold@thenational.ae
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Cricket World Cup League 2 Fixtures
Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)
Sunday March 6, Oman v Namibia, ICC Academy
Tuesday March 8, UAE v Namibia, ICC Academy
Wednesday March 9, UAE v Oman, ICC Academy
Friday March 11, Oman v Namibia, Sharjah Cricket Stadium
Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium
UAE squad
Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia
UAE currency: the story behind the money in your pockets
Company%20Profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The five pillars of Islam
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
The%20US%20Congress%20explained
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
'Lost in Space'
Creators: Matt Sazama, Burk Sharpless, Irwin Allen
Stars: Molly Parker, Toby Stephens, Maxwell Jenkins
Rating: 4/5
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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Company%20profile
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
PROVISIONAL FIXTURE LIST
Premier League
Wednesday, June 17 (Kick-offs uae times) Aston Villa v Sheffield United 9pm; Manchester City v Arsenal 11pm
Friday, June 19 Norwich v Southampton 9pm; Tottenham v Manchester United 11pm
Saturday, June 20 Watford v Leicester 3.30pm; Brighton v Arsenal 6pm; West Ham v Wolves 8.30pm; Bournemouth v Crystal Palace 10.45pm
Sunday, June 21 Newcastle v Sheffield United 2pm; Aston Villa v Chelsea 7.30pm; Everton v Liverpool 10pm
Monday, June 22 Manchester City v Burnley 11pm (Sky)
Tuesday, June 23 Southampton v Arsenal 9pm; Tottenham v West Ham 11.15pm
Wednesday, June 24 Manchester United v Sheffield United 9pm; Newcastle v Aston Villa 9pm; Norwich v Everton 9pm; Liverpool v Crystal Palace 11.15pm
Thursday, June 25 Burnley v Watford 9pm; Leicester v Brighton 9pm; Chelsea v Manchester City 11.15pm; Wolves v Bournemouth 11.15pm
Sunday June 28 Aston Villa vs Wolves 3pm; Watford vs Southampton 7.30pm
Monday June 29 Crystal Palace vs Burnley 11pm
Tuesday June 30 Brighton vs Manchester United 9pm; Sheffield United vs Tottenham 11.15pm
Wednesday July 1 Bournemouth vs Newcastle 9pm; Everton vs Leicester 9pm; West Ham vs Chelsea 11.15pm
Thursday July 2 Arsenal vs Norwich 9pm; Manchester City vs Liverpool 11.15pm
A%20Little%20to%20the%20Left
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COMPANY%20PROFILE
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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RESULTS
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.