ASEAN, GCC, China offer US$24.87 trillion economic potential
'For the first time, ASEAN, the GCC, and China come together in this unique configuration – three partners, each rich in history, civilisation, culture, and shared aspirations, gather to open a new chapter of dialogue and cooperation,' he said in his opening remarks at the inaugural ASEAN-GCC-China Summit themed 'Synergising Economic Opportunities Towards Shared Prosperity.'
Also present were Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, who is also the president of the current session of the Supreme Council of the GCC; China's Premier Li Qiang; Malaysia's Foreign Minister Datuk Seri Mohamad Hasan; and Malaysia's Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz.
In 2023, ASEAN's GDP reached US$3.8 trillion, making it the world's fifth-largest economy.
That same year, total trade with the GCC stood at US$130.7 billion, with foreign direct investment (FDI) inflows of US$390.2 million.
China, meanwhile, remained ASEAN's largest trading partner with US$696.7 billion in trade and US$17.3 billion in FDI, which indicate immense existing linkages as well as substantial untapped potential.
'I hope this summit will stand as a new chapter in ASEAN's journey of outward-looking engagement, demonstrating what can be achieved when partners work together in mutual respect and shared purpose,' said Anwar, who is also the Finance Minister.
He expressed confidence that ASEAN, the GCC, and China can draw upon respective unique attributes, and shape a future that is more connected, more resilient, and more prosperous for generations to come.
Among the ASEAN leaders attending today's events were the Sultan of Brunei Sultan Hassanal Bolkiah, Cambodia's Prime Minister Hun Manet, Lao Prime Minister Sonexay Siphandone, Vietnam's Prime Minister Pham Minh Chinh, Philippine President Ferdinand Marcos Jr, Singapore's Prime Minister Lawrence Wong, and Thai Prime Minister Paetongtarn Shinawatra.
Also attending were Timor-Leste's Prime Minister Kay Rala Xanana Gusmao as Observer, and ASEAN Secretary-General Dr Kao Kim Hourn.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
4 hours ago
- Malay Mail
Fifth Avenue Financial celebrates third consecutive year as a Best Place to Work and first year as a Best Place to Work for Women in 2025
NEW YORK, US - Media OutReach Newswire - 20 August 2025 - Fifth Avenue Financial (FAF) is proud to announce its recertification as one of thefor the third consecutive year, as well as its inaugural recognition as ain 2025. These prestigious honors underscore the firm's ongoing commitment to fostering an inclusive, supportive, and empowering workplace culture."Being recertified as one of the Best Places to Work — and earning special recognition as one of the Best Places for Women — reflects the culture we've built together. We believe that when people feel valued, supported, and inspired, they can achieve extraordinary things for our clients and for each other.""This recognition means a lot to us because it's about our people. We've worked hard to build a place where everyone feels respected, supported, and able to grow. Knowing that women in our firm feel they can truly thrive here is especially meaningful."FAF continues to prioritize employee well-being and professional development, ensuring that all team members have the resources and encouragement needed to excel. The Best Places to Work certifications validate the firm's dedication to cultivating a workplace where diversity, equity, and inclusion are at the core of its is a global recognition awarded to companies that excel in creating exceptional workplace cultures where employees feel engaged, valued, and motivated. The certification process combines anonymous employee surveys with an in-depth HR assessment to evaluate both the employee experience and the organization's HR practices. Companies that meet the program's rigorous standards are certified for one year, benefiting from enhanced employer brand credibility, valuable benchmarking insights, and international visibility as a trusted and attractive more information, about Fifth Avenue Financial visit: For more information about the certification program, please visit Hashtag: #BestPlacestoWork The issuer is solely responsible for the content of this announcement.
The Sun
6 hours ago
- The Sun
AI must remain assistive tool not decision maker says former judge
KUALA LUMPUR: Artificial intelligence must remain an assistive tool rather than a decision-maker according to former Federal Court judge Tan Sri Harmindar Singh Dhaliwal. He emphasized that any AI impacting individual rights requires rigorous testing and clear oversight before deployment. Harmindar stated AI possesses transformative potential for human endeavor but must not replace human judgment particularly within criminal justice systems. AI should be an assistant, not a decision maker he declared during his plenary session at the ASEAN Law Forum 2025. He cited a Sabah case where an AI sentencing tool recommended ten months imprisonment with fifty-four percent probability for a drug offence. The magistrate instead imposed twelve months imprisonment demonstrating human judgment must prevail. Harmindar chairs the Criminal Law Review Committee and stressed the necessity for proper rules and safeguards. A clear risk-based approach is essential before adopting AI in judicial processes he emphasized. Singapore has already issued guidelines for AI use in courts he noted while the Philippines drafts its judiciary AI governance framework. Malaysia and other ASEAN members must follow suit with their own frameworks he urged. A framework ensuring responsible AI use requires risk assessments and mitigation measures he explained. AI use cases must undergo testing for bias, reliability and transparency before adoption he added. He cautioned that AI's criminal justice application demands vigilance despite being powerful technology. We must always remain accountable he asserted regarding AI integration into justice systems. Approaching AI with eyes wide open prepares us to address risks and reap benefits he concluded. Colin Seow of Colin Seow Chambers provided Singapore's perspective on AI implementation. The Singapore Police Force uses AI in digital forensics to automatically sift seized devices for abuse material. This integration significantly improves investigation speed and accuracy he confirmed. AI deployment extends to Singapore's financial sector through the COSMIC platform he added. The Monetary Authority of Singapore launched COSMIC last year as a public-private data-sharing initiative. Major banks and financial institutions participate in this collaborative information sharing platform. AI analyses transaction patterns within COSMIC enabling proactive suspicious activity detection. Banks can flag concerning activities across institutions while safeguarding customer confidentiality he explained. Legislative changes support this initiative allowing information sharing strictly for crime prevention. The three-day ASEAN Law Forum featured fifty-eight speakers and moderators across fifteen sessions. Over three hundred participants from ASEAN and beyond attended the expert-led discussions. Topics covered alternative dispute resolution and commercial law reforms alongside human rights. - Bernama
The Sun
6 hours ago
- The Sun
US-led coalition kills senior IS leader in Syria operation
ATME: Syrian state media confirmed that US-led coalition forces killed a senior Islamic State group leader during an operation in northwest Syria on Wednesday. State television reported that coalition forces conducted an air drop targeting a house in the town of Atme within Idlib province. The operation specifically targeted Iraqi national Salah Numan, known as Ali, who was described as 'a leader in the Daesh (IS) organisation'. The security source identified him as 'one of the most dangerous men wanted for his involvement in activating and mobilising IS cells in Syria'. The coalition has not released any statements about an operation in northwest Syria. Three witnesses, including the building owner where Numan resided, confirmed the raid occurred after midnight with reports of aircraft noise and gunfire. State television detailed that coalition forces raided the house where Numan lived with his family and mother, shooting him dead after he jumped from their first-floor balcony. An anonymous Iraqi security source revealed that Numan was the brother of a top IS leader killed in a 2020 coalition strike in Deir Ezzor province. Iraqi intelligence led to Wednesday's operation according to the security source, who added that Numan's wives were arrested during the raid. Building owner Mohammed al-Sheikh reported hearing noise around 2:30 am and encountering coalition forces who ordered his surrender. He stated that 'the translator's accent was Iraqi' during the encounter with the operation forces. Sheikh explained that forces blindfolded his family, led them away, and collected their details including fingerprints during the operation. Sheikh clarified that he rented the house to Numan 'via a real estate agency and had no connection to him' regarding the tenant's activities. Neighbour Abdel-Qader al-Sheikh confirmed Numan had lived in the area for two years, stating 'We didn't have anything to do with him' about their relationship with the IS leader. The US-led coalition has frequently conducted strikes in Idlib targeting IS officials, including a previously announced raid in June. Several former IS leaders have been eliminated in the province through coalition operations over recent years. Islamic State originally seized significant Syrian and Iraqi territory in 2014 during Syria's ongoing civil war before suffering territorial defeat five years later. The group's fighters maintain an active presence in the region, particularly within Syria's vast desert areas where they continue operations. – AFP
