ASEAN, GCC launch free trade talks

Kuwait Times

6 days ago

Crown Prince, representing Amir, heads Kuwait delegation at key summits
KUALA LUMPUR: The regional bloc of Southeast Asian nations ASEAN and Gulf Cooperation Council (GCC) member states agreed on Monday, in a joint statement, to start negotiations over a free trade agreement. The agreement was sealed on the sidelines of the ASEAN/GCC summit in the Malaysian capital, in which HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah is represented by HH the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah.
The joint statement should serve as a launchpad towards talks on a free trade agreement between the two regional blocs, covering a wide array of sectors and economic aspects that would further reinforce trade ties between Kuala Lumpur and Gulf Arab states, it underlined.
These talks come as per the directives of the leaders of GCC member states, which urge Gulf Arab countries to bolster their ties with 'international partners', said the Riyadh-based bloc's chief Jasem Al-Budaiwi, hailing the agreement as a major step forward in a bid to bring that goal to fruition. Leaders from the two regional blocs are assembling for talks in the Malaysian capital to discuss current developments and push forward bilateral relations.
Al-Budaiwi affirmed Monday that the Gulf states are a globally trusted partner and a key hub for international cooperation, thanks to their credibility and balanced political approach. In a statement to KUNA ahead of the second GCC-ASEAN Summit and the first GCC-ASEAN-China Summit, Al-Budaiwi highlighted the high-level GCC participation in Kuala Lumpur as a reflection of the Gulf's serious commitment to strengthening partnerships with ASEAN and China. He emphasized that these summits come at a pivotal moment amid significant global transformations. Al-Budaiwi noted the deep and diverse
economic ties between the Gulf and ASEAN, marked by substantial investments, and described the summit as a strategic platform for discussing trade, food security and regional economic integration with China. He stressed the GCC's goal of developing modern cooperation frameworks that respond to global geopolitical and economic shifts, focusing on innovation, technology, digitalization and enhancing regional security.
Al-Budaiwi pointed out that the GCC-ASEAN-China grouping represents about 30 to 40 percent of the global economy, underscoring its economic and political significance, and reiterated the Gulf's policy of positive neutrality and its commitment to regional and international stability.
On political issues, Al-Budaiwi praised ASEAN's supportive stance on the Palestinian cause, highlighting recent calls by ASEAN foreign ministers to halt the Zionist occupation's attacks on Gaza. He expressed the GCC's appreciation and support for this position and welcomed the upcoming Saudi-French conference in New York in June, expressing hope for meaningful international pressure on the Zionist occupation to end military operations, allow humanitarian aid into Gaza, and pave the way for peace talks.
The Malaysian foreign ministry announced that the ASEAN-GCC Summit is expected to produce two key documents: A joint statement and a declaration, while the ASEAN-GCC-China Summit will issue a joint statement. These documents are aimed at delivering balanced, mutually beneficial outcomes that promote regional stability and prosperity. – KUNA