LONDON, Dec. 5 (Xinhua) -- A London-based think tank has predicted that trade between Gulf states and China will surpass the Gulf's trade with Western economies by 2027, signaling a historic shift in global economic dynamics.
In a report published Thursday, Asia House projects Gulf-China trade to rise from 225 billion U.S. dollars in 2023 to 325 billion U.S. dollars by 2027. This transition is expected to occur during the midpoint of Donald Trump's potential second term as U.S. president, highlighting the increasing significance of Asian markets to Gulf economies.
Asia House attributes this shift to several key drivers, including China's role as the Gulf's largest energy customer, the Gulf's ongoing efforts to diversify its economy away from hydrocarbons, and a series of high-profile political and economic engagements.
The report also forecasts that Gulf-Emerging Asia trade will grow from 451 billion U.S. dollars in 2023 to 682 billion U.S. dollars by 2030.
"Asia House has been tracking the Middle East Pivot to Asia since 2017, and it's clear from our research that we are in the midst of a profound shift in the global landscape. These new diplomatic, economic, and commercial relationships are being forged as Western economies become increasingly protectionist." Michael Lawrence, Chief Executive of Asia House, said.
Freddie Neve, Senior Middle East Associate at Asia House and lead author of the report, emphasized the long-term significance of this trend. "This is not just a short-term adjustment but a long-term realignment that positions Asia at the heart of the Gulf's economic strategy. This trend presents transformative opportunities for global businesses and investors," he said. ■
