KUALA LUMPUR, Malaysia — Leaders from the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) convened at the 2nd ASEAN-GCC Summit to enhance inter-regional collaboration and build resilience in the face of global economic uncertainties and geopolitical challenges.
Malaysian Prime Minister Anwar Ibrahim, speaking at the opening of the summit on Tuesday, emphasized the importance of a stronger partnership between the two regions. "I believe the ASEAN-GCC partnership has never been more important than it is today, as we navigate an increasingly complex global landscape," he said. "ASEAN and the GCC have the means and the responsibility to rise as anchors of stability and engines of future growth."
Anwar highlighted the rapid progress made since the inaugural summit two years ago but called for deeper cooperation to face new global developments. "A stronger ASEAN-GCC relationship will be key to enhancing inter-regional collaboration, building resilience, and securing sustainable prosperity for our peoples," he added.
Crown Prince of Kuwait Sheikh Sabah Al-Khaled Al-Sabah echoed these sentiments, noting the significant strengths of both regions. "The two active groups on the global stage are convening, each possessing enormous geographic, demographic, and strategic strengths, which qualify them to be influential players amidst the accelerating global economic transformations," he said.
The Crown Prince highlighted the growing trade relationship between ASEAN and the GCC. "The GCC was ASEAN’s 7th largest trading partner in 2023, with a total trade volume of $130.7 billion. We anticipate this to grow by 30 percent, reaching $180 billion by 2032. The investment potential between both sides is vast," he stated.
He emphasized the importance of continued cooperation in various sectors. "We therefore emphasize the importance of continuing to strengthen cooperation in economic, trade, investment, and technical fields. We look forward to achieving positive outcomes in the ongoing negotiations for a free trade agreement between both sides, which will boost investment opportunities and support regional supply chains," he added.
The summit, which first took place in Riyadh in 2023, aims to build upon the ASEAN-GCC Framework of Cooperation (2024-2028). This framework includes initiatives in areas such as food security, renewable energy, innovation, climate change adaptation, and combating terrorism and violent extremism.
On the same day, Prime Minister Anwar mentioned at a press conference that Southeast Asian countries have reached a consensus on how to approach trade tariffs imposed by the United States. The leaders agreed that decisions should not be made at the expense of any other country and that bilateral trade negotiations with Washington should not harm other ASEAN partners.
