SAUDI-CHINA TRADE BOOST

China and Saudi Arabia expect to boost trade volume by 50 per cent to $60 billion by 2015 and to amicably solve disputes over some issues such as dumping. 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.