ASEAN, GCC To Begin FTA Talks
GENERAL
By Harizah Hanim Mohamed
KUALA LUMPUR, May 27 (Bernama) -- Prime Minister and ASEAN 2025 Chair, Datuk Seri Anwar Ibrahim, announced today that the 10-member bloc plans to launch free trade agreement (FTA) negotiations with the oil-rich Gulf Cooperation Council (GCC) countries.
He said both ASEAN and the GCC had engaged through a series of sessions and discussions at the 2nd ASEAN-GCC Summit at the Kuala Lumpur Convention Centre.
'(We had) the first meeting two years ago in Riyadh, Saudi Arabia, which was more of a formality to introduce the programme, and we went through some specific areas of collaboration,' he said at the press conference at the end of the ASEAN-GCC Summit and the ASEAN-GCC-China Summit at the Kuala Lumpur Convention Centre (KLCC) today.
Earlier, Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah said the GCC is now ASEAN's seventh-largest trading partner, with total trade reaching US$130.7 billion (US$1 = RM4.23) in 2023.
'We aim to increase this figure to US$180 billion by 2032, as there remains substantial untapped potential in bilateral trade and investment,' he said.
The Crown Prince, who also presides over the current session of the GCC Supreme Council, delivered his remarks at the 2nd ASEAN-GCC Summit.
He also noted a rise in foreign investment into Asian markets, calling it a sign of investor confidence and long-term economic integration.
Separately, Malaysia on Monday signed a joint statement to begin talks on a Malaysia-GCC Free Trade Agreement (MGFTA).
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