China and the Gulf Cooperation Council (GCC) states have agreed to sign a free trade deal before the year ends after more than a decade of negotiations, which began in July 2004.

Talks with Beijing on a free trade agreement (FTA) have been going on for more than a decade now and both sides have agreed to expedite the talks in a bid to sign the deal before the end of the year.

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The announcement was made by the two sides during Chinese President Xi Jinping's state visit to Saudi Arabia.

Expedite FTA Talks

A joint statement released by China and the GCC on Wednesday said the two sides will step up negotiations and prioritize the passage of the FTA  by holding the next round of talks in February.

"China and the GCC have decided to accelerate the pace of negotiations, review the progress made and hold the next round of negotiations in the second half of February 2016," the statement said.

"China and the GCC also commit themselves to work closely to conclude a comprehensive free trade agreement within the year of 2016."

Talks Suspended

China and the GCC (which is composed  of Bahrain, Qatar, Oman, Saudi Arabia, Kuwait, and the United Arab Emirates) started the FTA talks in 2004. However, it was suspended in 2009.

In a press conference on Wednesday,  China's Commerce Minister Gao Hucheng said China and the GCC 'will meet each other halfway' and conduct concerted efforts to reach a high standard FTA before the end of 2016.

Gao said the two sides reached an agreement in 2009 on the market access of 97 percent of commodities within the framework of the trade in goods.

But changes in the international market had forced the GCC to stop all its ongoing FTA talks with 17 other countries aside from China, Gao pointed out.

Leaders Welcome Restart of Negotiations

News about the restart of the negotiations was welcomed by both President Xi Jinping and Saudi Arabia King Salman.

The two leaders expressed 'delight' about the restart of the talks and said they will keep abreast with all developments regarding the FTA negotiations.

Trade between the Gulf and China, the world's second-largest economy, has been growing.

Two-way trade between China and Saudi Arabia alone reached $69.1 billion in 2014, according to China's official Xinhua news agency.

TagsGulf Cooperation Council (GCC), Gulf Cooperation Council (GCC) China Free Trade Agreement, China GCC FTA Negotiations