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Straits Times
27-05-2025
- Business
- Straits Times
Amid global uncertainty, PM Wong stresses Asean-GCC-China cooperation
(From left) Gulf Cooperation Council Secretary-General Jasem Mohamed al-Budaiwi, Myanmar's Permanent Secretary of the Ministry of Foreign Affairs Aung Kyaw Moe, Qatar's Minister of Commerce and Industry Faisal bin Thani bin Faisal Al Thani, Singapore's Prime Minister Lawrence Wong, Oman's Deputy Prime Minister for Relations and International Affairs Sayyid Asa'ad bin Tariq Al Said, Thailand's Prime Minister Paetongtarn Shinawatra, Saudi Arabia's Foreign Minister Prince Faisal bin Farhan Al Saud, Philippines' President Ferdinand 'Bongbong' Marcos Jr, Kuwait's Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, Malaysia's Prime Minister Anwar Ibrahim, China's Premier Li Qiang, Brunei's Second Foreign Minister Erywan Yusof, Ruler of the UAE's Emirate of Ras Al Khaimah Sheikh Saud bin Saqr Al Qasimi, Cambodia's Prime Minister Hun Manet, Indonesia's Foreign Minister Sugiono, Laos' Prime Minister Sonexay Siphandone, East Timor's Prime Minister Xanana Gusmao, and Asean Secretary-General Kao Kim Hourn pose for a family photo on May 27. PHOTO: REUTERS - Amid global geopolitical turbulence and uncertainty, Prime Minister Lawrence Wong said Asean, the Gulf Cooperation Council (GCC) and China can forge deeper ties to unlock new pathways for shared prosperity. Speaking at two landmark summits in Kuala Lumpur on May 27 – the second Asean-GCC Summit and the inaugural Asean-GCC-China Summit, PM Wong underscored the potential for these regions to drive global growth and resilience by working more closely together. During the summit between Asean, which comprises 10 member countries, and the GCC, a key bloc of six Arab states, PM Wong said the global environment has become much more uncertain since the two groups last met in October 2023 in Riyadh, Saudi Arabia. 'And in this turbulent world, Asean and the GCC should strengthen our linkages,' he said at the Kuala Lumpur Convention Centre, where both summits were held. PM Wong noted that Asean, with a population of over 670 million, is on track to become the world's fourth-largest economy by 2030, while the GCC is rapidly transforming into an important global player. 'So our two regions should really do more together,' he said. He pointed to the 2023 Framework of Cooperation between the two groups, saying its adoption had boosted Asean-GCC ties and that the latest summit offered an opportunity to forge even closer links. PM Wong outlined three key areas of cooperation for the two groups. On trade and investment, he said Singapore was the first non-Middle Eastern country to establish a free trade agreement (FTA) with the GCC, and discussions are under way to upgrade it. The Gulf Cooperation Council–Singapore FTA was signed in December 2008 and entered into force in September 2013. This agreement can be a pathfinder to a wider Asean-GCC FTA, and PM Wong said he believed other leaders would support this effort, which would lower tariffs, strengthen supply chains, promote food security and enhance investment flows between the regions. 'So I hope we can redouble our efforts to accelerate the study to examine the possibility of having this FTA and also facilitating closer links between our business communities.' PM Wong also called for exploring collaboration between the GCC and the Regional Comprehensive Economic Partnership (RCEP), the world's largest trade pact that covers 30 per cent of the world's population and economic output. Combined, the RCEP and GCC represent about 35 per cent of global gross domestic product. PM Wong acknowledged that an FTA between the two could be very complex. 'But if we can establish a formal partnership between the two entities, this can facilitate more trade and investment flows, and help to uphold key principles of our rules-based trading system,' he said. Energy transition is another area of shared interest. PM Wong noted how Asean is developing a regional power grid, while the GCC is an energy powerhouse investing in greener energy. 'So we welcome the GCC's support for the Asean Power Grid – be it by investing in and financing new grid infrastructure, or sharing your knowledge on cross-border energy transmission,' he said. PM Wong also pointed to opportunities for cooperation as Asean's demand for clean energy grows. Third, PM Wong said Asean was concluding a Digital Economy Framework Agreement in 2025, which would provide the basis to engage external partners and consider establishing digital partnerships with the GCC. The agreement, introduced in 2023, has been described as a boost for the growth of digital trade and services in the region. Studies suggest it could double the projected value of Asean's digital economy from US$1 trillion (S$1.28 trillion) to US$2 trillion by 2030. PM Wong added that Asean welcomes further cooperation with the GCC on the enablers of the digital economy, including in cyber security, data governance and cross-border data flows. Beyond these economic and technological links, PM Wong said Asean and the GCC have always stood for 'an approach of engagement and dialogue to uphold peace and stability'. Turning to the ongoing conflicts in the world, he reiterated Singapore's position on the Middle East crisis. Where Palestine is concerned, PM Wong said Singapore joins others in calling for an immediate ceasefire and the return of the remaining hostages. 'We also call for all parties to comply with international law, including international humanitarian law, and we reiterate our longstanding support for a negotiated two-state solution, which is the only viable path to a comprehensive, just, and durable solution to the conflict.' Summit with China At the Asean-GCC-China Summit, PM Wong said Asean already has strong partnerships with both sides, with links to China growing even stronger since they were elevated to a Comprehensive Strategic Partnership in 2021. 'We are moving forward from strong foundations and our three regions should do more together,' he said. He suggested some ways to advance this trilateral cooperation, including working on concrete projects under the Asean Outlook on the Indo-Pacific (AOIP). The document, introduced in 2019, sets out how countries in the region can engage in cooperative ways to ensure peace, stability and prosperity. PM Wong noted that many proposals discussed at the summit dovetail with the AOIP's priority areas, and provide a good basis to deepen collaboration. He also highlighted the need to strengthen trade and investment links, pointing out that Asean already has an FTA with China and looks forward to signing an upgrade to this. 'It is natural to extend these linkages towards a trilateral FTA between China, Asean and the GCC in due course,' he said. PM Wong added that the three sides should cooperate in new areas such as the digital economy, artificial intelligence and renewable energy, noting that the GCC and China are global leaders in some of these fields. He said Asean hopes to leverage the GCC and China's expertise to support the Asean Power Grid and the Asean Digital Economy Framework Agreement. 'This will help all our regions to harness the potential of technological advances, and to meet our shared goal of a sustainable future,' added PM Wong. PM Wong and other leaders also attended a royal luncheon hosted by Malaysia's King, Sultan Ibrahim Iskandar, at the Istana Negara. In a social media post, PM Wong said he was honoured to attend the event. He noted that His Majesty is a longstanding friend of Singapore, and it was a pleasure to see him again following their last meeting in January. PM Wong also thanked him for his support for the strong and enduring ties between the two countries. Join ST's WhatsApp Channel and get the latest news and must-reads.
Business Times
27-05-2025
- Business
- Business Times
Asean, Gulf bloc can work more closely on trade and investment, energy, digital economy: PM Wong
[KUALA LUMPUR] In a turbulent world, Asean and the Gulf Cooperation Council (GCC) can do more to promote trade and investment, as well as advance common interests in energy transition and the digital economy, Singapore's Prime Minister Lawrence Wong said on Tuesday (May 27). Speaking at the second Asean-GCC Summit, PM Wong said the blocs should strengthen their ties, with the global environment now much more uncertain since the inaugural summit two years ago. With relations having been 'boosted' by the 2023 Framework of Cooperation, the blocs can build on this to 'forge even closer links', he said, suggesting three areas of focus. First, he pushed for more trade and investment, including exploring an Asean-GCC free trade agreement (FTA). Singapore was the first non-Middle Eastern country to ink an FTA with the GCC, with upgrades now being discussed, noted PM Wong. This deal can serve as a pathfinder for a wider region-to-region FTA, he said: 'Such an FTA will lower tariffs, strengthen supply chains, promote food security and enhance investment flows between our regions.' A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up He also suggested exploring collaboration between the GCC and the Regional Comprehensive Economic Partnership (RCEP), which would connect the Middle East and the Asia-Pacific economically. Combined, both groupings represent a 'significant' 35 per cent of the world's GDP, he noted. While an FTA between RCEP and GCC would be very complex, a formal partnership would facilitate trade and investment while helping to uphold key principles of the rules-based trading system, he added. Second, the energy transition is another area of common interest. PM Wong welcomed the GCC's support for the Asean Power Grid, from investing in and financing grid infrastructure, to sharing knowledge on cross-border energy transmission. 'As Asean's demand for clean energy grows, there will also be opportunities for cooperation with the GCC on this front,' he added. Third, Asean could consider a digital partnership with the GCC, once it concludes its own Digital Economy Framework Agreement this year. The Asean agreement will provide a basis for the bloc to engage external partners in this domain, noted PM Wong. 'We welcome further cooperation with the GCC on the enablers of the digital economy – including in cybersecurity, data governance and cross-border data flows.' Finally, broaching the issue of Palestine, PM Wong said: 'Between the GCC and Asean, we have always stood for an approach of engagement and dialogue to uphold peace and stability, and this is very important as we confront the ongoing conflicts in the world.' 'Singapore continues, and joins colleagues around the table, to call for an immediate ceasefire and the return of the remaining hostages.' He called for all parties to comply with international law, including international humanitarian law, and reiterated Singapore's longstanding support for a negotiated two-state solution. Bilateral meetings At the sidelines of the summit, PM Wong met the Emir of Qatar Tamim bin Hamad Al Thani for the first time since he became prime minister in 2024. Prime Minister Lawrence Wong with the Emir of Qatar Tamim bin Hamad Al Thani. PHOTO: MDDI They first met in 2017 when PM Wong was minister in attendance during the emir's state visit to Singapore. In a social media post on Tuesday, PM Wong said: 'I look forward to working closely with His Highness to further deepen our multifaceted cooperation – as we navigate an increasingly complex and challenging global landscape together.' Prime Minister Lawrence Wong with Bahrain Crown Prince and Prime Minister Salman bin Hamad Al Khalifa. PHOTO: MDDI Separately, he also met Bahrain Crown Prince and Prime Minister Salman bin Hamad Al Khalifa. Noting that Singapore and Bahrain are small island states of about the same land size, PM Wong said: 'We share a similar outlook – always trying to find relevance and add value to the world.' Both countries have much to gain from the mutual sharing of experiences and best practices, he said, adding that he looks forward to working together to enhance their partnership.
