Gulf Arab Countries, China Agree on Promoting Economic Cooperation

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Last updated at: (Beijing Time) Thursday, April 04, 2002

Gulf Arab Countries, China Agree on Promoting Economic Cooperation

The Gulf Cooperation Council (GCC) and China agree on Wednesday to promote bilateral economic and commercial cooperation, Kuwait's official KUNA news agency reported.

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The Gulf Cooperation Council (GCC) and China agree on Wednesday to promote bilateral economic and commercial cooperation, Kuwait's official KUNA news agency reported.

The agreement was reached at a meeting in the Saudi Red Sea port city of Jeddah between GCC Secretary-General Abdel Rahman Al-Atiah and Chinese State Councilor Wu Yi, who arrived in Jeddah Sunday evening for a five-day visit to the kingdom.

The GCC secretary-general said in a statement after the meeting that the talks dealt with political, economic and commercial cooperation between the GCC and China.

Both sides also agreed on launching new joint investment projects, he added.

Earlier in the day, Wu, who is also deputy prime minister in charge of economy and external trade, held talks with senior Saudi officials ways to cement commercial and economic cooperation.

Saudi Arabia is the last leg of Wu's six-nation Mideast tour, which has taken her to Iran, Lebanon, Oman, the United Arab Emirates and Bahrain.

Backgrounder: Gulf Cooperation Council (GCC)

Saudi Arabia was a prime mover in setting up the Gulf Cooperation Council in 1981. Other members are Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates (UAE).

The Gulf Cooperation Council aims to coordinate resistance to outside intervention in the Gulf. Progress towards economic integration has been slow during the 1980s economic downturn in the region.

The Gulf Cooperation Council seeks to strengthen cooperation (in areas such as agriculture, industry, investment, security, and trade) among its six members: Bahrain, Kuwait, Quatar, Oman, Saudi Arabia, and the United Arab Emirates.

The Gulf Cooperation Council, created in response to the outbreach of the Iran-Iraq war, established the Gulf Standards Organization in November 1982 and the Gulf Investment Corporation in 1984.

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