RIYADH, June 11 (Reuters) - The free trade deal being negotiated between China and the Saudi Arabia-dominated Gulf Cooperation Council needs to protect emerging Gulf industries, the Saudi investment minister said on Sunday, adding he hoped it would be finalised soon.
"We need to enable and empower our industries to export, so we hope all countries that negotiate with us for free trade deals know we need to protect our new, emerging industries," Investment Minister Khalid al-Falih said.
Talks on a China-GCC Free Trade Agreement (FTA) began in 2004 but have repeatedly stalled, most recently in 2016 after a ninth round.
The Gulf's two biggest economies, Saudi Arabia and the United Arab Emirates, have launched new industrial strategies to boost domestic economic growth and non-oil exports.
Saudi Arabia is developing sectors including domestic manufacturing, mining and minerals, and advanced technology.
Persons:
Khalid al, Falih, Prince Mohammed bin Salman, Aziz El Yaakoubi, Lisa Barrington, Sharon Singleton
Organizations:
Gulf Cooperation Council, Investment, China Business Conference, GCC, Trade, United Arab Emirates, United Arab, Thomson
Locations:
RIYADH, China, Saudi Arabia, Saudi, Riyadh, Kingdom of Saudi Arabia, Gulf, United Arab Emirates