Fakhro met Chinese commerce minister Wang Wentao in Guangzhou, capital of Guangdong province, recently.

The aim of the planned deal is to further reinforce economic and trade ties between both the sides.

Both sides have acknowledged the substantial value and benefits that such an agreement will contribute to their respective economies, Fakhro was quoted as saying by state-controlled Chinese media outlets.

Ten rounds of talks were held between 2005 and 2022 regarding the planned FTA. An agreement has been reached on the most issues concerning trade in goods. Negotiations on trade in services have been launched, according to the Chinse ministry.

Riyadh-headquartered GCC is a political and economic union of six Arab states—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.

The trade value between China and GCC countries was $315.8 billion last year.

"A free trade agreement can serve as a robust foundation for future agreements, including those related to a wide range of aspects such as bilateral investment agreements and knowledge sharing. It lays the groundwork for the emergence of various other agreements in the future," said Fakhro.

Bahrain is willing to deepen its cooperation in jointly developing the Belt and Road Initiative with China, he added.

Fibre2Fashion News Desk (DS)