China, Arab states hope for $200 bln trade volume in 3-5 years

13:26, September 28, 2010      

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China and Arab countries should make greater efforts to promote economic and trade cooperation to lift the bilateral trade volume to at least 200 billion U.S. dollars within the next three to five years, Chinese Commerce Minister Chen Deming said at the first China-Arab States Economic and Trade Forum.

Chen said that China does not pursue a trade surplus and is willing to further improve the level of bilateral trade. Meanwhile, China will raise the quality and added value of its export goods to Arab states and import more from Arab states — especially products from non-resource industries. This way, the bilateral trade structure will be more stable and reasonable.

Chen also said that both sides should strengthen efforts to utilize the complementary features of the two economies while promoting trade cooperation and two-way investments. China encourages competitive domestic companies to invest in Arab states and undertake more projects there. It also welcomes Arab companies to invest in China. China will continue to strictly abide by its WTO commitments, grant national treatment to Arab companies and strengthen intellectual property protection, he said.

"Since China and Arab countries both give high priority to the development of the low-carbon economy and green industry, the two sides can enhance cooperation in the research and development of certain technologies, the establishment of economic development zones and other aspects," Chen said.

Chen also made an appeal for China and Arab countries to further open up their markets as well as to actively promote trade liberalization and facilitation.

Statistics show that the bilateral trade volume between China and Arab countries amounted to 107.4 billion U.S. dollars in 2009, and the trade volume for the first half of 2010 stood at 69.1 billion U.S. dollars. Overall, Arab countries have become important trading partners for China.

By People's Daily Online


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