GCC-ASEAN Partnership Must Advance Trade, Sustainability And Regional Stability, Says Saudi FM
KUALA LUMPUR, May 27 (Bernama-SPA) -- Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan bin Abdullah has called for stronger economic and strategic cooperation between the Gulf Cooperation Council (GCC) and ASEAN, emphasising trade facilitation, digital transformation and regional stability.
Speaking at the 2nd GCC-ASEAN Summit in Kuala Lumpur on Tuesday, Prince Faisal, representing Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince and Prime Minister, outlined key priorities for advancing the partnership between the two regions, Saudi Press Agency (SPA) reported.
He said the partnership, founded during the first summit in Riyadh in 2023, must now focus on deepening regional market integration, promoting sustainability, engaging both public and private sectors, and fostering closer people-to-people relations.
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'The economic relations between our countries offer promising opportunities in key sectors, including finance, agriculture, halal food industries, and green and renewable energy,' he said.
Prince Faisal highlighted that trade between GCC and ASEAN grew by 21 per cent from 2023 to 2024, reaching a total volume of approximately US$123 billion in 2024. This, he noted, reflects the vast potential of the partnership.
He urged both sides to intensify efforts to remove trade barriers and facilitate easier market access.
Referring to the Economic and Investment Conference held in Riyadh on May 28 last year, the minister described the event as a vital platform for exchanging investment opportunities and encouraging private sector collaboration.
Prince Faisal also addressed shared global challenges such as climate change, energy market volatility, and the need to improve food and water security.
He recalled the joint commitment made during the first summit to collectively address these issues and reaffirmed the Kingdom's determination to work with ASEAN partners in navigating global uncertainties.
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