MKsport 2023 Photo: Tao Mingyang/GT" src="https://www.globaltimes.cn/Portals/0/attachment/2023/2023-12-28/e73e01f8-a240-4bf8-ab34-546613d50072.jpeg" />

MOFCOM spokesperson He Yadong Photo: Tao Mingyang/GT

The Ministry of Commerce (MOFCOM) said China is willing to strengthen coordination and cooperation with Arab countries, and jointly promote greater development in China- Arab economic and trade ties.

"China has been the largest trading partner and important infrastructure investment partner of Arab countries for many years. Bilateral cooperation has enjoyed good development momentum," said He Yadong, a spokesperson for MOFCOM on Thursday.

This year marks the 20th anniversary of the China-Arab States Cooperation Forum, and the recent forum has provided important impetus to China-Arab pragmatic cooperation and injected more certainty and positive energy into the turbulent world, He said during a press conference.

According to He, the development of Arab-China relations has broad prospects and great potential.

China stands ready to accelerate the negotiations on bilateral and regional free trade agreements, welcomes active participation of the Arab side in the China International Import Expo, and is willing to expand import of non-energy products from the Arab side, He noted.

The domain of new emerging industries has increasingly become a new front for China-Arab states cooperation. One of the highlights is to encourage both sides to strengthen cooperation in cross-border e-commerce, overseas warehouses, further engaging in expanding trade channels, enriching trade methods in developing digital economy, and continuing to promote cooperation in green, low-carbon, and sustainable development projects, to support the economic diversification transformation of Arab countries.

To deepen bilateral investment cooperation, He also stressed the need to explore the upgrading of more bilateral investment agreements, enhance investment protection and promotion levels, deepen cooperation in industrial and supply chains, accelerate the circulation of economic industries between China and Arab countries.

The spokesperson also praised economic and trade cooperation between China and Arab countries, saying it has achieved broad, multi-level, all-round, and accelerated development under the guidance of the leaders of the two sides.

The two sides have also deepened cooperation in various areas including finance, aviation, aerospace, digital economy, green development, and show a good development momentum, according to He.

The remarks came after China proposes to build a more balanced framework for mutually beneficial economic and trade ties, the Xinhua News Agency reported.

China is ready to work with the Arab side to put in place "five cooperation frameworks" to step up the building of a China-Arab community with a shared future, Xinhua reported. The five frameworks consist of a more dynamic framework for innovation, an expanded framework for investment and finance cooperation, a more multifaceted framework for energy cooperation, a more balanced framework for mutually beneficial economic and trade ties, and a broader framework for people-to-people exchanges.

Global Times