World Economy

China-Saudi Trade at $70b

China-Saudi Trade at $70bChina-Saudi Trade at $70b

Saudi Arabia is China’s biggest economic partner in the region with  bilateral trade at $70 billion annually. The Chinese ambassador to Riyadh, Li Chengwen stated this at a high-profile business meeting that brought together Saudi entrepreneurs and their Chinese counterparts operating in the country, Arab News reported. The envoy said an  agreement has been reached between the two countries to prevent counterfeit goods from entering the two markets. “Involved parties will be blacklisted,” Chengwen said. Minister of Commerce and Industry Tawfiq Al-Rabiah and the Chinese side inked the MoU to protect Saudi consumers who aim to reduce the flow of counterfeit and fake goods.