China-GCC Free Trade Agreement talks to end this year

Chinese President Xi Jinping (L) meets with Gulf Cooperation Council (GCC) Secretary-General Abdul Latif Bin Rashid Al Zayani in Riyadh, Saudi Arabia, Jan 19, 2016. Xi arrived on Tuesday for a state visit to Saudi Arabia, the first stop of his three-nation tour of the Middle East. [Photo/Xinhua]

Resumed negotiations between China and the Cooperation Council for the Arab States of the Gulf (GCC) on the China-GCC Free Trade Agreement substantively concluded in principle on trade in goods after three days on Jan 19.

China and the GCC have agreed to accelerate the pace of negotiations, review progress made and hold the next round of talks in the second half of February, the two sides said in a joint press release on Tuesday.

The two have committed to work closely to conclude a comprehensive Free Trade Agreement within this year.

The announcement came as Chinese President Xi Jinping is in Riyadh for the first state visit to Saudi Arabia by a Chinese head of state in seven years.

During Xi's talks with Saudi King Salman bin Abdulaziz Al Saud on Tuesday, the two leaders welcomed the restart of the China-GCC FTA talks, saying they were "delighted" to see the substantive progress that has been made.

They also agreed to establish the FTA as soon as possible.

China and the GCC, which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, began their FTA talks in July 2004, and the process was suspended in 2009.