China and Saudi Arabia expect to boost trade volume by 50 percent to $60 billion by 2015 and to amicably solve disputes over some issues such as dumping, China's Commerce Minister Chen Deming said on Sunday. Trade volume between the two countries exceeded the 2010 target of $40 billion in 2008. In 2009 China imported more than 800,000 barrels of crude oil per day from Saudi Arabia, its biggest oil supplier, 12 percent more than in 2008. The Kingdom wants to increase exports of both oil and other products to China and boost bilateral investment, said Saudi Finance Minister Ibrahim Al-Assaf, adding that the two countries have only 19 joint projects, which does not reflect the depth of their relations nor the economic possibilities. In a statement to reporters following the conclusion of the 4th session of Joint Saudi-Chinese Committee, Assaf pointed out that it has been agreed on the development of investment cooperation and joint investments between the two countries, urging on convening the committee's meetings between the two countries on an ongoing basis and at short intervals. The Chinese Minister of Commerce and head of the Chinese side to the Committee expressed his pleasure over the success of the committee's meetings, and extended his appreciation to the delegations of the two countries for their efforts to strengthen bilateral relations in various fields. King Abdullah, Custodian of the Two Holy Mosques, held talks on Sunday with the visiting Chinese Commerce Minister on further boosting economic and trade cooperation between the two countries. The King said Saudi Arabia and China enjoy deep traditional friendship and substantial exchange, and that the strategic friendly relations between the two countries have been consolidated and deepened. China's economy develops rapidly, and the two countries should further their cooperation in various fields, such as in dealing with the fallout of the global financial crisis, he said. The King said Riyadh welcomes the Chinese enterprises to actively participate in Saudi economy as the Gulf Arab country is speeding up construction in the petrochemical industry, infrastructure, education and health fields. However, senior officials from Saudi Arabia and China on Sunday failed to resolve Chinese dumping charges on certain Saudi petrochemicals, although they played down the impact of the dispute. Assaf said talks with the visiting Chinese commerce minister went well but the two sides could not resolve the issue of China's anti-dumping penalties on imports of 1.4-butanediol from Saudi Arabia. “We continued to discuss this today. We believe we can resolve this problem,” Assaf said in a press conference with Chen. On Dec. 24, China announced anti-dumping tariffs of up to 13.6 percent on Saudi- and Taiwan-produced 1.4-butanediol, a chemical used to make some plastics, elastic fiber and polyurethanes. The decision followed investigation which showed that the exporters were dumping it at too-low prices and hurting Chinese producers. After the penalty was announced, the Saudi International Petrochemical Co said that China had levied a 4.5 percent anti-dumping tax on imports of its butanediol.
