China seeks to strengthen its position in energy and infrastructure projects in the Gulf countries.
Kuwait has therefore, expressed readiness to discuss China's participation in developing housing cities and infrastructure.
The China-GCC 1+6 Economic and Trade Ministers' meeting launched its activities in Guangzhou with the participation of Gulf trade ministers, the Secretary General of the Gulf Cooperation Council (GCC), Jassem al-Budaiwi, and the Chinese Minister of Commerce, Wang Wentao.
The meeting focused on several key topics, most importantly preserving the multilateral trading system and strengthening the FTA negotiations between China and the GCC.
It also addressed enhancing investment cooperation, developing the industrial and supply chains, and enhancing cooperation in infrastructure connectivity and modern energy.
The minister also welcomed the establishment of the joint association between various Chinese and Gulf investment and financing institutions and activating its role to raise the level of mutual investment cooperation.
- Residential cities in Kuwait
Kuwait's Minister of Commerce and Industry and Minister of State for Youth Affairs Mohammad al-Aiban stated Kuwait's keenness that China have an active role in developing its contributions to housing cities, infrastructure, and energy projects.
Aiban indicated that these contributions have a solid impact on Kuwait's economy.
In a press statement Sunday, the Ministry of Commerce said that Aiban discussed trade exchange with his Chinese counterpart, in addition to diversifying trade relations, and expanding cooperation in non-oil fields.
Kuwait looks forward to enhancing the level of trade cooperation between both countries and further deepening cooperation in the investment field, said Aiban.
He underlined that China is one of the largest exporters of imports to Kuwait and one of Kuwait's largest trading partners in the non-oil field.
The Chinese Minister confirmed that Kuwait had become one of the crucial countries for China concerning renewable energy, infrastructure projects, energy, housing, and other projects.
He pointed to the high investment rates between them, expressing hope that the volume of investment will increase further by the Kuwaiti side in the promising fields in China.
- Power supply
Interlocutors also discussed promoting internal and external trade, reviewing and evaluating the unified and approved trade laws and draft laws in the GCC countries, the unified strategic framework for the free trade agreement, and consensus and initiatives on economic and trade cooperation.
They discussed the importance of a stable and reliable energy supply for trade, industry development, and investment.
Member states supported and encouraged the continued trade of crude oil, natural gas, and petroleum derivatives between the GCC countries and China.
The joint meeting discussed the possibility of cooperation in e-commerce and agreed to enhance collaboration, qualify bilateral trade, new technologies and tools, and the possibility of conducting local currency exchange business between China and the GCC countries.
During the meeting, the Gulf Ministers expressed their keenness to enhance communication under the Chinese "Belt and Road" initiative, promote the building of economic and trade cooperation mechanisms, and deepen bilateral cooperation.
They also expressed their desire to raise trade liberalization and facilitation, stimulate the potential to develop trade and expand its volume, and boost cooperation in services trade and growing digital business.
The Gulf ministers emphasized the need to strengthen cooperation in infrastructure for the digital economy and encourage institutions to actively participate in providing traditional infrastructure with digitization and smart network transformation to establish the communications infrastructure.
