After more than 20 years of talks, the Chinese mainland and the six GCC members may finally be on the verge of sealing a free trade deal. This month, Wang Yi, the Chinese foreign minister, wrapped up a three-nation tour of the United Arab Emirates, Saudi Arabia and Jordan, urging a final push to complete the negotiations 🤝.
During his Riyadh stop, Wang told Jasem Mohamed Albudaiwi, the GCC's secretary general, that "conditions are now basically in place, making it time to take the final decisive step." It was the first time a Chinese official called the talks into their final stage.
Over two decades of back-and-forth 📜
The framework for a China–GCC free trade agreement was agreed in 2004. By 2009, both sides had cleared market access for about 97% of goods. But a six-year pause followed, and when talks resumed in 2016, progress was slow—even four rounds in one year couldn't seal the deal.
The most recent round took place last October in Guangzhou, where negotiators bridged several key issues. Experts say a pact could reduce barriers, add predictability for businesses and strengthen ties.
"For the Chinese mainland, the GCC is a key partner for energy, trade routes and long-term market access. And for the Gulf states, China is one of the world's largest markets and a major driver of global growth," explains Amer Al-Fakhoury, an international law professor in the UAE.
Trade between the Chinese mainland and the GCC members has soared from $24.7 billion in 2004 to $180 billion in 2020. With global protectionism rising, many are watching to see if this deal will be the spark that reignites freer trade 🌏.
Whether the deal closes in early 2026 or faces another delay, one thing is clear: after 20+ years, the finish line might finally be in sight.
Reference(s):
Are China, GCC closer to free trade deal after Wang Yi's visit?
cgtn.com
