Saudi FM emphasizes vast potential of GCC-ASEAN partnership and need to remove trade barriers
Saudi Gazette report
KUALA LUMPUR — Minister of Foreign Affairs Prince Faisal bin Farhan highlighted the vast potential of partnership between the countries of the Gulf Cooperation Council (GCC) and the Association of South East Asian Nations (ASEAN). He also emphasized the importance of intensifying efforts to facilitate trade and remove any barriers.
Prince Faisal made the remarks while addressing the second summit between the Gulf Cooperation Council (GCC) countries and the Association of Southeast Asian Nations (ASEAN), held in the Malaysian capital Kuala Lumpur on Tuesday. On behalf of Crown Prince and Prime Minister Mohammed bin Salman, Minister of Foreign Affairs Prince Faisal bin Farhan led the Saudi delegation to the summit.
'The economic relations between our countries offer promising opportunities in vital sectors, including finance, agriculture and halal food industries, and green and renewable energy. The two groups have achieved notable progress in trade exchange, which grew by 21 percent from 2023 to 2024, reaching a trade volume of approximately $123 billion in 2024. This reflects the vast potential of our partnership and highlights the importance of intensifying efforts to facilitate trade and remove any barriers,' he said.
In his speech, Prince Faisal referred to the Economic and Investment Conference organized by the Saudi Ministry of Investment in Riyadh on May 28, 2024, describing it as an exceptional platform for exchanging investment opportunities and building bridges of communication between the private sectors of both regions. He also expressed hope for increased private sector participation to help realize shared goals.
Prince Faisal highlighted the strong foundations laid by the first summit hosted by Saudi Arabia in Riyadh in 2023, and the ambitious partnership between the two groups. He emphasized the importance of strengthening mutual commitment, exploring economic partnership priorities, deepening regional market integration and sustainability, advancing digital transformation, enhancing public-private sector engagement, and fostering people-to-people relations.
He also praised the second summit held in Malaysia for building on previous achievements and working to further develop the partnership in ways that serve the interests and aspirations of both regions' peoples, and achieve sustainable development and regional stability.
Prince Faisal pointed out that the second summit is being held amid numerous global challenges, including the consequences of climate change, energy market volatility, and the urgent need to enhance food and water security. He recalled the joint commitment made during the first summit in Riyadh in 2023 to address these challenges collectively.
The Saudi minister reaffirmed the Kingdom's commitment to a just and comprehensive solution that ensures the establishment of an independent Palestinian state with East Jerusalem as its capital, in accordance with the two-state solution and relevant international resolutions. He also called for intensified international efforts to promote peace, support humanitarian relief in Gaza, and enhance regional stability through a comprehensive approach to political and humanitarian tensions.
Prince Faisal also reiterated the Kingdom's support for initiatives that enhance cooperation between the GCC and ASEAN countries, contributing to the realization of the peoples' aspirations for a prosperous and sustainable future.
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