KSA becomes China's largest oil provider
Ceis, Beijing
Saudi Arabia has become China's largest crude oil provider, largest trade partner and second largest export market in the regions of west Asia and Africa, Chinese Minister of Commerce Bo Xilai said here recently.Bo made the remark at the third meeting of the China-Saudi Arabia economic and trade committee. In 1999, when the second meeting of China-Saudi Arabia economic and trade committee was held, bilateral trade was below 2 billion US dollars. By 2005, the figure had risen to 15 billion dollars, with an annual average growth rate of 41 percent, the Chinese minister said. In four or five years, the bilateral trade volume is expected to reach 40 billion dollars, he added. China is willing to enhance economic cooperation with Saudi Arabia in areas of energy, mining, petrochemicals, investment, infrastructure construction, science and technology and human resources, he said. The Chinese side will make concerted efforts with the members of the Gulf Cooperation Council including Saudi Arabia to push for the signing of a bilateral free-trade agreement as early as possible, he said. The two countries should enhance coordination and cooperation under the framework of the World Trade Organization, he said, expressing the hope that Saudi Arabia will streamline visas issuance for Chinese business people and workers. Saudi Arabia thanks China for supporting its entry to the World Trade Organization, said Minister of Finance Ibrahim Bin Abdel Aziz Al-Assaf of Saudi Arabia. He expressed his wish that the two countries would enhance cooperation in energy, medical services, education and training as well as finance.
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