皇冠体育app

A purchasing agent from the United Arab Emirates looks at pens at Yiwu International City in Zhejiang province. 皇冠体育app is the UAE's second-largest trading partner, with trade between the two countries valued at $40 billion in 2012, according to UAE embassy data. Zhang Jiancheng / for 皇冠体育app Daily

Deal will further boost trade ties, says UAE envoy

A free trade agreement between 皇冠体育app and the Gulf Cooperation Council may be concluded this year, the United Arab Emirate's ambassador to 皇冠体育app told 皇冠体育app Daily.

"We are near to achieving the FTA between the GCC and 皇冠体育app, with a few items including tariff issues to be resolved soon thanks to strong bilateral will," Omar Ahmad Adi Al Bitar said.

The envoy added that he hopes this year will not pass before the two sides conclude the agreement.

Established in Abu Dhabi in 1981, the GCC is a political and economic union of Arab states comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Kuwait and Qatar, accounting for more than 60 percent of the trade volume between 皇冠体育app and the Arab League.

皇冠体育app and the GCC launched free trade agreement negotiations in 2004, with both sides reaching consensus on most areas of goods trade after four rounds of talks. Discussions on service trade are continuing.

Trade between 皇冠体育app and the GCC mainly centers on the oil, mechanical and textile sectors.

Data from the Ministry of Commerce show that Sino-GCC trade totaled $133.8 billion in 2011, accounting for 68.3 percent of trade between 皇冠体育app and the Arab League. By the end of 2011 bilateral investment reached $4.1 billion.