Sayyid Asaad leads Oman's delegation at ASEAN-GCC Summit
Upon his arrival at the summit venue, HH Sayyid Asaad was received by Malaysian Prime Minister Anwar Ibrahim.
In his opening remarks, the Malaysian Prime Minister emphasised that the summit reflects a shared commitment to strengthening the robust ties between the two blocs, noting that growing mutual investments demonstrate deepening trust. He stated that ASEAN-GCC relations will be pivotal in fostering interregional cooperation, building resilience, and ensuring sustainable prosperity. He expressed hope for productive discussions that pave the way for tangible initiatives within an expanding and sustainable partnership.
Sayyid Asaad leads Oman's delegation at ASEAN-GCC Summit
On his turn, Shaikh Sabah Khaled al Hamad al Sabah, Crown Prince of the State of Kuwait, delivered a speech highlighting that the inaugural ASEAN-GCC Summit in Al Riyadh successfully laid the foundation for comprehensive cooperation. He stressed the need to build on this momentum by implementing the Strategic Cooperation Framework (2024-2028), which serves as a road map for institutionalising this partnership and translating it into practical mechanisms to achieve shared progress.
He underscored the significance of this partnership, noting that the 16 member states collectively represent a massive economic and demographic force, with a combined GDP nearing $6 trillion and a population of around 740 million. Their shared maritime and trade routes rank among the most vital globally, lending their cooperation a geopolitical and strategic dimension with direct implications for regional stability and global economic growth, he added.
He pointed out that the GCC was ASEAN's seventh-largest trading partner in 2023, with total trade reaching $130.7 billion—a figure expected to grow by an average of 30%, reaching $180 billion by 2032.
Sayyid Asaad leads Oman's delegation at ASEAN-GCC Summit
He explained that the volume of untapped opportunities remains vast, with current achievements affirming the right trajectory. He further added that the ASEAN-GCC merchandise trade exceeded $122 billion in 2023, alongside steadily rising Gulf investments in Asian markets, reflecting mutual confidence and deepening economic integration. These trends, he noted, highlight the potential for further growth through incentivised economic policies.
He emphasised the importance of advancing economic, trade, investment and technical cooperation, expressing optimism for progress in free trade agreement negotiations. Such efforts, he added, would unlock investment opportunities, bolster regional supply chains and enhance collaboration in energy security and climate change.
The summit addresses key topics, including strengthening ASEAN-GCC economic partnerships and cooperation in security, food, energy and climate change, alongside advancing technical, educational and cultural collaboration.
The event aims to deepen strategic cooperation between GCC and ASEAN nations across economic, investment, political and cultural spheres while addressing issues of mutual interest to all participating states. — ONA
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