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China, Saudi Arabia sign agreements worth $65 bln


03-17-2017 08:31 BJT

(Source: CGTN)

China and Saudi Arabia have signed numerous memorandums of understanding and letters of intent, potentially worth in the region of 65 billion US dollars. The involve agreements in trade, energy, education, technology and culture.

While the two countries cooperate in many fields, the most important, of course, is energy. For years, the Kingdom has been China's biggest supplier of crude oil, and its largest trading partner in West Asia and Africa. Indeed last year, their bilateral trade was reported to be worth more than 42 billion US dollars.

However, Saudi Arabia is trying to reduce its dependence on oil with its "Vision 2030" plan, while officials from the Kingdom say they expect China's Belt & Road initiative can make "creative contributions" to help it realize this vision.


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