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On the same day, Chen Deming and Saudi Arabia’s Minister of Finance Assaf attended the fourth session of the China-Saudi Arabia Joint Economic and Trade Joint Committee. He answered a reporter’s question at a press conference held after the meeting and said that the heads of state of China and Saudi Arabia In 2006, bilateral trade volume reached 40 billion U.S. dollars in 2010. This goal was achieved in advance as early as 2008.
Chen Deming said that in recent years, Sino-Swedish trade has developed rapidly. In 2008, the bilateral trade volume reached 41.8 billion U.S. dollars, which is double that of 2006. In 2009, affected by the financial crisis and the drop in oil prices, the Sino-Saudi trade volume declined, but the trade volume is still expanding.
Chen Deming stated that China and Saudi Arabia are full of confidence in realizing the goal of new trade volume and are determined to work together in four areas: first, to continue to develop a long-term stable crude oil trade between China and Saudi Arabia; second, to vigorously promote trade in non-crude oil products; Exports of petrochemical and other products to China, China hopes to further expand exports of engineering and technical equipment, construction materials, railway equipment, automobiles, and halal foods; third, to give full play to the mutual investment and cooperation of engineering projects; and fourth, to accelerate the promotion of the sea. The joint negotiations with China's free trade zone create a more free and convenient environment for the development of bilateral trade.
Chen Deming arrived in Riyadh on the 9th after finishing his visit to Turkey. He will then visit Ethiopia, Mozambique and Tanzania.
Chen Deming: Continue to Develop Crude Oil Trade with Saudi Arabia
Chinese Minister of Commerce Chen Deming, who is visiting Saudi Arabia, said on the 10th that China and Saudi Arabia have agreed to expand bilateral trade volume to 60 billion U.S. dollars by 2015.