RIYADH: They will also activate agreement to prevent entry of counterfeit and contraband goods
Saudi Arabia and China have agreed to boost bilateral economic ties and launch additional joint investments in the kingdom.
They will also activate an already-signed agreement to prevent the entry of counterfeit and contraband goods.
The two countries have signed a new agreement in which they underlined the need to increase the two-way trade exchange to higher levels.
The agreement, inked on the sidelines of a joint Saudi-Chinese committee meeting, indicates that Saudi Arabia-based joint ventures between the two countries don’t surpass 88 projects.
The deal urges businessmen and investors from both countries to make optimal use of bilateral agreements related to investment promotion and protection and avoidance of double taxation.
The Saudi side has welcomed China’s initiative to establish the Asian Infrastructure Investment Bank and has said that the Chinese-led institution will help member countries achieve economic growth and strike closer links between Asian nations to coordinate development efforts.
Officials said an anticipated visit by the Chinese president to Saudi Arabia is expected to push Saudi-Sino economic cooperation forward and open broader scopes of coordination on various issues of mutual concern.
According to previous data, the two-way trade exchange between Saudi Arabia and China amounted to $71.3 billion in 2014.
