Anwar: Stronger Asean-GCC ties vital amid global economic uncertainty
KUALA LUMPUR, May 27 — At the second Asean-GCC Summit today, Prime Minister Datuk Seri Anwar Ibrahim underscored the importance of strengthening ties between the two blocs amid the current global economic climate.
He said the summit plays a crucial role in ensuring the partnership remains dynamic, responsive, and impactful.
'I believe the Asean-GCC partnership has never been more important than it is today, as we navigate an increasingly complex global landscape marked by economic uncertainty and geopolitical challenges.
'A stronger Asean-GCC relationship will be key to enhancing inter-regional collaboration, building resilience, and securing sustainable prosperity for our peoples,' he said in his opening remarks at the summit held at the Kuala Lumpur Convention Centre here.
'Today's deliberations will be crucial in ensuring that our partnership remains dynamic, responsive, and impactful. Let us use today's summit to reaffirm our collective ambition and translate our shared vision into concrete and impactful cooperation,' he added.
The Gulf Cooperation Council (GCC), established in 1981, comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), with the aim of fostering political and economic cooperation among member countries.
The first Asean-GCC Summit was held in Riyadh, Saudi Arabia, in 2023.
Anwar noted that the GCC was Asean's seventh-largest trading partner, with total trade reaching US$130.7 billion two years ago.
'Investment is also growing, reflecting increasing confidence in the long-term prospects of our partnership,' he added.
Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah said the partnership anticipates trade between the 16 countries to grow by an average of 30 per cent, reaching US$180 billion by 2026.
'The investment potential between both sides is vast, and the growth in GCC-Asean trade, which exceeded US$128 billion in 2023, along with rising Gulf investments in Asian markets, reflects mutual confidence and deepening economic integration.
'We therefore emphasise 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 (FTA) between both sides, which will boost investment opportunities and support regional supply chains,' he said in his speech.
The Asean-GCC Summit is being held alongside the 46th Asean Summit, with Malaysia as the host nation.
Later today, it will be followed by the inaugural Asean-GCC-China Trilateral Summit.
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