China & Gulf Cooperation Council (GCC) ready for Free Trade Agreement

[Lankan Ranger]

China & Gulf Cooperation Council (GCC) ready for Free Trade Agreement

Chinese President Hu Jintao said that China will seek an early free trade agreement (FTA) with the Gulf Cooperation Council (GCC).

"The FTA is in the fundamental and long-term interests of both sides and will help deepen their mutually beneficial cooperation and achieve common development," Hu said during a meeting with GCC Secretary General Abdul Rahman Al-Attiya in Riyadh, where the council is headquartered.

"China will work actively toward signing the agreement at an early date," Hu said.

Al-Attiya echoed Hu's views and pledged efforts to complete the FTA talks as soon as possible.

From:President Hu: China to seek early FTA with Gulf Cooperation Council_English_Xinhua

 

[Lankan Ranger]

 

[Lankan Ranger]

 

[Lankan Ranger]

 

[Lankan Ranger]

 

[Lankan Ranger]

 

[graphican]

Good job china, keep gaining the grounds that were previously under total US control. We are happy to see you prosper.

 

[chinapakistan]

thank you for information and also thanks GCC for doing this cooperation with us.

 

[Martian2]

I clicked on the newslink. It looks like old news from February 11, 2009.

"President Hu: China to seek early FTA with Gulf Cooperation Council
English_Xinhua 2009-02-12 04:30:38

Special reports: President Hu visits five Asian, African nations
·President Hu met with GCC Secretary General Abdul Rahman Al-Attiya on Wednesday.
·Hu said China will seek an early free trade agreement with the Gulf Cooperation Council.
·Al-Attiya pledged efforts to complete the FTA talks as soon as possible.

Chinese President Hu Jintao (R) shakes hands with Abdul Rahman Al-Attiyah, secretary general of the Gulf Cooperation Council (GCC), in Riyadh, capital of Saudi Arabia, Feb. 11, 2009. Hu is in Saudi Arabia for a state visit.(Xinhua/Ju Peng)
Photo Gallery>>>

RIYADH, Feb. 11 (Xinhua) -- Visiting Chinese President Hu Jintao said Wednesday that China will seek an early free trade agreement (FTA) with the Gulf Cooperation Council (GCC)."

 

[Lankan Ranger]

I clicked on the newslink. It looks like old news from February 11, 2009.

"President Hu: China to seek early FTA with Gulf Cooperation Council
English_Xinhua 2009-02-12 04:30:38

Special reports: President Hu visits five Asian, African nations
·President Hu met with GCC Secretary General Abdul Rahman Al-Attiya on Wednesday.
·Hu said China will seek an early free trade agreement with the Gulf Cooperation Council.
·Al-Attiya pledged efforts to complete the FTA talks as soon as possible.

Chinese President Hu Jintao (R) shakes hands with Abdul Rahman Al-Attiyah, secretary general of the Gulf Cooperation Council (GCC), in Riyadh, capital of Saudi Arabia, Feb. 11, 2009. Hu is in Saudi Arabia for a state visit.(Xinhua/Ju Peng)
Photo Gallery>>>

RIYADH, Feb. 11 (Xinhua) -- Visiting Chinese President Hu Jintao said Wednesday that China will seek an early free trade agreement (FTA) with the Gulf Cooperation Council (GCC)."

Important issue is the NEWS not the DATE, According to some Asian Economic Analysts CHINA & GCC may sign the Free Trade Agreement (FTA) at CHINA GCC FORUM in 2010

 

[gpit]

Cooperation Council for the Arab States of the Gulf - Wikipedia, the free encyclopedia

History

Created on May 25, 1981, the 630-million-acre (2,500,000 km2) Council comprises the Persian Gulf states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. The unified economic agreement between the countries of the Gulf Cooperation Council was signed on November 11, 1981 in Riyadh. These countries are often referred to as The GCC States.

...

Among the stated objectives are:

formulating similar regulations in various fields such as economy, finance, trade, customs, tourism, legislation, and administration;
fostering scientific and technical progress in industry, mining, agriculture, water and animal resources;
establishing scientific research centers;
setting up joint ventures;
unified military presence The Peninsula Shield
encouraging cooperation of the private sector;
strengthening ties between their peoples; and
establishing a common currency by 2010;[9][10][11][12]

This area has some of the fastest growing economies in the world, mostly due to a boom in oil and natural gas revenues coupled with a building and investment boom backed by decades of saved petroleum revenues. In an effort to build a tax base and economic foundation before the reserves run out, the UAE's investment arms, including Abu Dhabi Investment Authority, retain over $900 billion in assets. Other regional funds also have several hundred billion dollars.

The region is also an emerging hotspot for events, including the 2006 Asian Games in Doha, Qatar. Doha also submitted an application for the 2016 Summer Olympic Games, although this bid was unsuccessful having recently been dropped from the list of candidate cities.

In 2006, its GDP (nominal) was $717.8 billion (IMF April 2007), led by spectacular growth in United Arab Emirates and Qatar.[13]. In 2007, its GDP (nominal) was $1,022.62 billion (IMF April 2008). IMF predicts its GDP to reach $1,112.076 billion at end of 2008 and $1,210.112 billion at end of 2009. Qatar is expected to overtake top ranked Luxembourg in GDP (nominal) per capita next year for the world's top spot. See List of countries by GDP (nominal) per capita.

Recently, the leaders of the Council have come under fire for doing too little to combat the economic downturn. While GCC countries were among the first hit - and the first to respond to the crisis - their programs have been prone to disparities, and they have placed their region on the brink of even deeper crises. Recovery plans have been criticized for crowding out the private sector, failing to set clear priorities for growth, failing to restore weak consumer and investor confidence, and undermining long-term stability.[14]