ASEAN-GCC aim for US$180 bln trade by 2032
KUALA LUMPUR: Leaders from the Gulf Cooperation Council (GCC) have agreed to strengthen their broad strategic partnership with the Association of Southeast Asian Nations (ASEAN) to confront global challenges and seize shared economic opportunities.
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 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 is also the President of the current session of the Supreme Council of the GCC, made the remarks during the Second ASEAN-GCC Summit held at the Kuala Lumpur Convention Centre today.
He also noted the encouraging rise in foreign investment into Asian markets as a sign of confidence and sustainable economic integration.
'We would like to underscore the importance of continuing cooperation in the fields of economy, trade, investment and the arts, and we look forward to the positive outcomes of free trade agreement negotiations between both sides, which will open up investment opportunities and support regional development,' His Highness added.
He said this year's summit played a crucial role in enhancing cooperation between the two regions.
'This session has inspired us to further strengthen bilateral cooperation and reflects the deep historical ties between both parties.
'It also demonstrates our shared commitment to building a strategic partnership founded on mutual interests, the principles of international law, and sustainable development for our people,' he added.
The first ASEAN-GCC Summit, held on October 20, 2023, in Riyadh, marked a significant start in establishing a comprehensive cooperation framework for the 2024–2028 period, aimed at laying a solid foundation for rapid development through this partnership.
On the issue of Palestine, the Crown Prince called for continuous collaboration between the GCC and ASEAN to resolve the humanitarian crisis in Gaza and the worsening Palestinian-Israeli conflict.
'The GCC reaffirms its support for the establishment of an independent Palestinian state based on the 1967 borders, with East Jerusalem as its capital.
'We urge the international community to act swiftly and decisively to end the violence and initiate a peace process grounded in international law and the Arab Peace Initiative,' he said.
He also proposed that the year 2026 be declared the GCC-ASEAN Year of Cultural Solidarity, with a variety of programmes to enhance bilateral ties, along with joint initiatives to empower youth and women through training, skills development, and entrepreneurship projects.
Founded in 1981 and headquartered in Riyadh, the GCC comprises six member states: Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates (UAE).
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