China and Saudi Arabia Bolster Economic Ties

China's commerce minister, Wang Wentao, has met with Saudi Arabia's investment minister, Khalid Al-Falih, in Beijing to strengthen bilateral trade and investment cooperation. Previously stalled free trade agreement negotiations between China and the Gulf Cooperation Council highlight ongoing concerns over market impacts.

In a strategic move to boost economic relations, China's commerce minister, Wang Wentao, convened with Saudi Arabia's investment minister, Khalid Al-Falih, in Beijing. The meeting, which was confirmed by the Chinese Ministry of Commerce on Wednesday, emphasized the mutual desire to broaden bilateral trade and enhance two-way investment initiatives.

The meeting underscores the importance of Sino-Saudi economic ties, particularly following last year's stalled trade agreement discussions between China and the Gulf Cooperation Council. Saudi reservations about potential market saturation by inexpensive Chinese goods remain a concern.

Both nations are now focusing on overcoming these barriers, seeking avenues to facilitate robust trade growth and investment cooperation, amidst an ever-evolving global economic landscape.

(With inputs from agencies.)