Significance, Impacts and Future Path of China-GCC Free Trade Area

The Gulf Cooperation Council (GCC) is a customs union consisting of six countries: Oman, United Arab Emirates (UAE), Bahrain, Qatar, Kuwait and Saudi Arabia. Located in West Asia and close to Europe and North Africa, as well as at the intersection of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road, the GCC is situated in an important economic region of Eurasia. Its position renders its cooperation with China a significant part of the Belt and Road Initiative. Since 2004, the negotiations on the bilateral free trade area between China and the GCC have seen no substantial progress for ten years due to various factors. Within the framework of the current evolution of the global economic structure and the restructuring of economic and trade rules, restarting the China-GCC Free Trade Area negotiations will further deepen the economic and trade relations between China and the GCC countries and achieve a combined vision of achieving shared growth through discussion and collaboration among countries along the Belt and Road. To this end, this chapter conducts an in-depth analysis and research onto the significance, impacts and necessary policy measures of the construction of China-GCC Free Trade Area.