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going to cover services, goods and investments 26. Six rounds of negotiations between China and the GCC states were held during the period from 2004 to 2012 27.
In January 2012 China’ s former-Premier Wen Jiabao visited Riyadh. During his meeting with the GCC Secretary General Abdullatif bin Rashid Al Zayani an agreement was reached for speeding up the negotiation processes between the sides 28.
Beijing’ s special approach towards GCC‘ key players’
Substantial warming of financial and trade ties between the GCC countries and Asian partners became a good opportunity for strengthening Saudi-Chinese nexus. The two states established diplomatic relations in 1990 and economic cooperation between them mainly was focused on hydrocarbons. In 1999 the‘ Strategic Oil Cooperation’ agreement paved the way for Riyadh to become Beijing’ s leading oil supplier by 2002. Furthermore, similar to KCIC, Saudi Arabia’ s Saudi Basic Industries Corporation( SABIC) drew up a strategic‘ China plan’ aiming to establish strong and reliable supply partnerships, as well as joint ventures with China’ s companies. In February 2009 Chinese president Hu Jintao visited Saudi Arabia. During this trip China’ s leader promised to work with the GCC with a view to reform the global financial institutions 29.
In 2006 for the first time China’ s former President Hu Jintao visited Riyadh, and the two states came to an agreement of establishing‘ strategic friendly relations’. In June 2008 China’ s moves were continued by then Vice-President Xi Jinping’ s visit to Saudi Arabia. This time the two sides agreed on signing‘ Joint Statement of the People’ s Republic of China and Saudi Arabia on Strengthening Cooperation and Strategic Friendly Relations’. Furthermore, in three
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China FTA Network. 2004, China-GCC free trade talks continues, 08 June 2004, http:// fta. mofcom. gov. cn / enarticle / engcc / engccnews / 200911 / 1636 _ 1. html
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China FTA Network. 2017, China-GCC FTA, 10, November, 2016 28 China, GCC agree to accelerate FTA negotiations, China Daily, 16 January
2012, http:// www. chinadaily. com. cn / business / 2012- 01 / 16 / content _ 14451880. htm 29 Ghazanfar Ali Khan, China to Boost Relations with GCC: President Hu. Arab
News, 12 February, 2009, http:// www. arabnews. com / node / 320921 49