China-GCC free trade agreement will help unlock new opportunities for countries in the region

China-GCC free trade agreement will help unlock new opportunities for countries in the region

Dubai, United Arab Emirates: A Free Trade Agreement (FTA) between China and GCC is a “game-changer” that would boost the region and “galvanise Middle Eastern economic transformation,” according to a top former Lebanese minister.

Although the deal is yet to be signed, there is a strong indication it will be finalised after China’s Foreign Minister Qin Gang requested for it to be done “as soon as possible” following a telephone call with Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan earlier this year.

Writing exclusively for Arabian Gulf Business Insight (AGBI), a next-generation business news platform, Dr. Nasser Saidi, who served as Lebanon’s Minister of Economy and Industry, believes the landmark agreement can open many opportunities, benefitting both China and countries such as the United Arab Emirates (UAE) and Saudi Arabia.

Today, China accounts for one-fifth of the GCC’s total trade and is the largest export market for the region. With energy a key focus, he believes an FTA that removes “trade barriers would boost trade investment linkages” and is likely to have a positive impact on a wide range of sectors such as direct investment, technology, climate, and the environment.

“Laws and regulations would be modernised to accommodate the provisions of the FTA,