Latest news with #ASEAN-China
The Sun
4 days ago
- Business
- The Sun
China, ASEAN, GCC forge innovative trilateral cooperation amid global risks
KUALA LUMPUR: Amid escalating global challenges, China, the Association of Southeast Asian Nations (ASEAN), and the Gulf Cooperation Council (GCC) countries have forged a groundbreaking path in cross-regional cooperation. In a historic move, they convened a landmark trilateral summit in Kuala Lumpur, the capital of Malaysia -- ASEAN's current chair -- marking a bold step toward collective resilience, economic synergy, and a shared vision for prosperity. At the inaugural ASEAN-China-GCC Summit on Tuesday, Chinese Premier Li Qiang called on the three parties to set a global benchmark in openness, development cooperation and cross-civilization integration. His call comes at a critical juncture, as rising protectionism and escalating geopolitical tensions threaten to fracture the international order. Amid global economic headwinds and mounting uncertainties, Li noted that by strengthening connectivity and collaboration, the three sides can forge a vibrant economic circle and a powerful engine for growth, which holds profound significance not only for their respective prosperity but also for advancing peace and development across Asia and the world. 'As some countries are becoming more protectionist and isolationist, the summit was a good initiative and effort to counter these emerging trends,' said Lee Pei May, a political expert at the International Islamic University Malaysia. 'The summit proves that economies can complement rather than compete with one another, easing the worries that countries can only develop if they turn inward,' Lee added. At the tripartite gathering, Li urged all sides to work together to build a model of global cooperation and development in three aspects -- creating a model of cross-region openness, forging a model of cooperation across different development stages, and fostering a model of cross-civilization integration. At the summit, the leaders committed to further strengthening Belt and Road cooperation, with a focus on deepening ties in connectivity, trade, industrial and supply chains, agriculture, energy, finance, and the digital economy. They pledged to accelerate trilateral integration, fostering robust, inclusive, and sustainable development for all. The summit adopted a joint statement, which was hailed as 'detailed, elaborate' and a strong message of trilateral solidarity and cooperation by Malaysian Prime Minister Anwar Ibrahim. In the joint statement, the relevant countries acknowledged their joint efforts to promote closer cooperation between ASEAN, GCC and China, and China's vision to build a closer ASEAN-China community with a shared future and a China-Arab community with a shared future in the new era. Andrew Kam Jia Yi, senior research fellow with the Institute of Malaysian and International Studies at the National University of Malaysia, said the summit highlights how the strengths of each party can complement one another. 'The GCC's energy and financial resources, ASEAN's growing consumer base, and China's technological and financial capacities together create more resilient supply chains and boost food and energy security for all,' he said. Following the summit, Li also delivered remarks at the opening ceremony of the ASEAN-China-GCC Economic Forum 2025. He emphasized China's commitment to energizing trilateral cooperation through its high-quality development, pledging to firmly expand high-level opening up, promote mutual reinforcement between domestic and international circulations and share the opportunities of China's development with countries of ASEAN and GCC, and enterprises from around the world. The trilateral cooperation mechanism not only fosters collaborative agreements across regions, but creates a novel platform of communication and dialogue for the Global South countries to closely coordinate on regional and international affairs and amplify their voices on the global stage. The joint statement recognizes the need to strengthen confidence in the rules-based multilateral trading system with the World Trade Organization at its core, and reaffirms the countries' resolve to make economic globalization more open, inclusive, balanced, and beneficial to their peoples and future generations. During talks with other leaders on the sidelines of the summit, the Chinese premier voiced China's readiness to push for a greater role of the Global South in improving global governance. In his meeting with Vietnamese Prime Minister Pham Minh Chinh, Li said that China looks to strengthen communication and cooperation with Vietnam and jointly protect the common interests of the Global South countries. During their meeting a day before the summit, Li told Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, crown prince of Kuwait, that China is committed to strengthening communication and coordination with Kuwait through various multilateral platforms to push for more just and equitable global governance and a more harmonious, stable and prosperous world. The trilateral summit 'encourages other regions to pursue similar models of collaboration,' Kam said. 'It is a sign of growing solidarity, where countries of the Global South are working together to shape their own futures, assert their priorities on the global stage, and build a more equitable and stable world order from the ground up,' the scholar added.¦
The Sun
4 days ago
- Business
- The Sun
China, ASEAN, GCC boost trilateral ties amid global challenges
KUALA LUMPUR: Amid escalating global challenges, China, the Association of Southeast Asian Nations (ASEAN), and the Gulf Cooperation Council (GCC) countries have forged a groundbreaking path in cross-regional cooperation. In a historic move, they convened a landmark trilateral summit in Kuala Lumpur, the capital of Malaysia -- ASEAN's current chair -- marking a bold step toward collective resilience, economic synergy, and a shared vision for prosperity. At the inaugural ASEAN-China-GCC Summit on Tuesday, Chinese Premier Li Qiang called on the three parties to set a global benchmark in openness, development cooperation and cross-civilization integration. His call comes at a critical juncture, as rising protectionism and escalating geopolitical tensions threaten to fracture the international order. Amid global economic headwinds and mounting uncertainties, Li noted that by strengthening connectivity and collaboration, the three sides can forge a vibrant economic circle and a powerful engine for growth, which holds profound significance not only for their respective prosperity but also for advancing peace and development across Asia and the world. 'As some countries are becoming more protectionist and isolationist, the summit was a good initiative and effort to counter these emerging trends,' said Lee Pei May, a political expert at the International Islamic University Malaysia. 'The summit proves that economies can complement rather than compete with one another, easing the worries that countries can only develop if they turn inward,' Lee added. At the tripartite gathering, Li urged all sides to work together to build a model of global cooperation and development in three aspects -- creating a model of cross-region openness, forging a model of cooperation across different development stages, and fostering a model of cross-civilization integration. At the summit, the leaders committed to further strengthening Belt and Road cooperation, with a focus on deepening ties in connectivity, trade, industrial and supply chains, agriculture, energy, finance, and the digital economy. They pledged to accelerate trilateral integration, fostering robust, inclusive, and sustainable development for all. The summit adopted a joint statement, which was hailed as 'detailed, elaborate' and a strong message of trilateral solidarity and cooperation by Malaysian Prime Minister Anwar Ibrahim. In the joint statement, the relevant countries acknowledged their joint efforts to promote closer cooperation between ASEAN, GCC and China, and China's vision to build a closer ASEAN-China community with a shared future and a China-Arab community with a shared future in the new era. Andrew Kam Jia Yi, senior research fellow with the Institute of Malaysian and International Studies at the National University of Malaysia, said the summit highlights how the strengths of each party can complement one another. 'The GCC's energy and financial resources, ASEAN's growing consumer base, and China's technological and financial capacities together create more resilient supply chains and boost food and energy security for all,' he said. Following the summit, Li also delivered remarks at the opening ceremony of the ASEAN-China-GCC Economic Forum 2025. He emphasized China's commitment to energizing trilateral cooperation through its high-quality development, pledging to firmly expand high-level opening up, promote mutual reinforcement between domestic and international circulations and share the opportunities of China's development with countries of ASEAN and GCC, and enterprises from around the world. The trilateral cooperation mechanism not only fosters collaborative agreements across regions, but creates a novel platform of communication and dialogue for the Global South countries to closely coordinate on regional and international affairs and amplify their voices on the global stage. The joint statement recognizes the need to strengthen confidence in the rules-based multilateral trading system with the World Trade Organization at its core, and reaffirms the countries' resolve to make economic globalization more open, inclusive, balanced, and beneficial to their peoples and future generations. During talks with other leaders on the sidelines of the summit, the Chinese premier voiced China's readiness to push for a greater role of the Global South in improving global governance. In his meeting with Vietnamese Prime Minister Pham Minh Chinh, Li said that China looks to strengthen communication and cooperation with Vietnam and jointly protect the common interests of the Global South countries. During their meeting a day before the summit, Li told Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, crown prince of Kuwait, that China is committed to strengthening communication and coordination with Kuwait through various multilateral platforms to push for more just and equitable global governance and a more harmonious, stable and prosperous world. The trilateral summit 'encourages other regions to pursue similar models of collaboration,' Kam said. 'It is a sign of growing solidarity, where countries of the Global South are working together to shape their own futures, assert their priorities on the global stage, and build a more equitable and stable world order from the ground up,' the scholar added.¦
Yahoo
4 days ago
- Business
- Yahoo
Gulf states, China take centre stage at summit of Southeast Asian nations
The Gulf Cooperation Council (GCC), China and the 10-member Association of Southeast Asian Nations (ASEAN) agreed to 'chart a unified and collective path towards a peaceful, prosperous, and just future', following their meeting in the Malaysian capital, Kuala Lumpur. In a world roiled by United States President Donald Trump's threats of crippling tariffs and rising economic uncertainties, alternative centres of global power were on full display, with the GCC and China attending the ASEAN summit for the group's inaugural trilateral meeting on Tuesday. In their joint statement released on Wednesday, the GCC – comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – China, and ASEAN members Indonesia, Singapore, Malaysia, Thailand, Vietnam, Philippines, Brunei, Cambodia, Laos and Myanmar said they were committed to enhancing economic cooperation. Chief among that cooperation will be the promotion of free trade, the signatories said, adding they looked 'forward to the early completion of the GCC-China Free Trade Agreement negotiations' and the upgrading of the ASEAN-China free trade area. 'We reaffirm our collective resolve to work hand in hand to unleash the full potential of our partnership, and ensure that our cooperation translates into tangible benefits for our peoples and societies,' they said. Malaysia's Prime Minister Anwar Ibrahim – whose country is currently chair of ASEAN and hosted the summits – told a news conference that the US remains an important market while also noting that ASEAN, the GCC, and China collectively represent a combined gross domestic product (GDP) of $24.87 trillion with a total population of about 2.15 billion. 'This collective scale offers vast opportunities to synergise our markets, deepen innovation, and promote cross-regional investment,' Anwar said. The prime minister went on to dismiss suggestions that the ASEAN bloc of nations was leaning excessively towards China, stressing that the regional grouping remained committed to maintaining balanced engagement with all major powers, including the US. James Chin, professor of Asian studies at the University of Tasmania in Australia, told Al Jazeera that the tripartite meeting was particularly important for China, which is being 'given a platform where the US is not around'. ASEAN and the GCC 'already view China as a global power', Chin said. China's Premier Li Qiang, who attended the summit, said Beijing was ready to work with the GCC and ASEAN 'on the basis of mutual respect and equality'. China will work with 'ASEAN and the GCC to strengthen the alignment of development strategies, increase macro policy coordination, and deepen collaboration on industrial specialisation,' he said. Former Malaysian ambassador to the US Mohamed Nazri bin Abdul Aziz said China was 'quickly filling up the vacuum' in global leadership felt in many countries in the aftermath of Trump's tariff threats. The economic future looks bright, Nazri said, for ASEAN, China and the Gulf countries, where economies are experiencing high growth rates while the US and European Union face stagnation. 'The Gulf is very rich, ASEAN is a tiger, China… I cannot even imagine where the future lies,' Nazri said. Jaideep Singh, an analyst with the Institute of Strategic & International Studies in Malaysia, said ASEAN's trade with GCC countries has been experiencing rapid growth. Total trade between ASEAN and the Gulf countries stood at some $63bn as of 2024, making GCC the fifth-largest external trading partner of the regional bloc, while Malaysia's trade with the GCC grew by 60 percent from 2019 to 2024. In terms of foreign direct investment, FDI from GCC countries in ASEAN totalled some $5bn as of 2023, of which $1.5bn went to Malaysia alone, Singh said. However, the US, China, Singapore and the EU still make up the lion's share of FDI in Malaysian manufacturing and as China's trade with ASEAN grows, economist say, the US still remains a huge market for regional countries. In early 2024, the US took over China as ASEAN's largest export market, with 15 percent of the bloc's exports destined for its markets, up nearly 4 percent since 2018, said Carmelo Ferlito, CEO of the Center for Market Education (CME), a think tank based in Malaysia and Indonesia. 'The US is also the largest source of cumulative foreign direct investment in ASEAN, with total stock reaching nearly $480bn in 2023 – almost double the combined US investments in China, Japan, South Korea, and Taiwan,' Ferlito said. Israel's war on Gaza was also highlighted at the ASEAN-GCC-China meeting on Tuesday. Delegates condemned attacks against civilians and called for a durable ceasefire and unhindered delivery of fuel, food, essential services, and medicine throughout the Palestinian territory. Supporting a two-state solution to the conflict, the joint communique also called for the release of captives and arbitrarily-detained people, and an end to the 'illegal presence of the State of Israel in the occupied Palestinian territory as soon as possible'. The civil war in Myanmar was also a focus of the talks among ASEAN members at their summit on Tuesday, who called for an extension and expansion of a ceasefire among the warring sides, which was declared following the earthquake that struck the country in March. The ceasefire is due to run out by the end of May. However, human rights groups have documented repeated air attacks by the military regime on the country's civilian population despite the purported temporary cessation of fighting. Zachary Abuza, professor of Southeast Asia politics and security issues at the Washington-based National War College, said that while Prime Minister Anwar may be 'more proactive' – in his role as ASEAN chair – in wanting to resolve the conflict, Myanmar's military rulers were 'not a good faith actor' in peace talks. 'The military has absolutely no interest in anything resembling a power-sharing agreement,' he said.
The Star
4 days ago
- Business
- The Star
CIMB Bank partners with UnionPay to enhance payment services in Malaysia
From left: CIMB Malaysia and CIMB Bank Bhd chief executive officer Gurdip Singh Sidhu, CIMB head of consumer banking Malaysia Daniel Cheong, UnionPay International (SEA) managing director Jian Jiangtao China UnionPay chairman Dong Junfeng and UnionPay International chief executive officer Larry Wang. KUALA LUMPUR: CIMB Bank Bhd has signed a memorandum of understanding (MoU) with UnionPay International (UPI) to enhance payment services in Malaysia. In a statement today, CIMB said the collaboration aims to improve the payment experience for UnionPay cardholders, particularly in high-frequency sectors such as retail, transportation, medical care, and e-commerce. The bank said that UPI will also equip CIMB's merchants with access to its proprietary security authentication service, thereby optimising Malaysia's e-commerce and digital payment acceptance environment. CIMB chief executive officer Gurdip Singh Sidhu said the collaboration underscores the bank's commitment to advancing payment solutions that provide customers with greater convenience and growth opportunities. "The partnership with UPI enables broader ASEAN-China and global solutions coverage, providing customers with improved access and security, especially during cross-border travel and trade," he added. - Bernama
Malaysia Sun
4 days ago
- Business
- Malaysia Sun
China, ASEAN, GCC forge innovative trilateral cooperation amid global risks
KUALA LUMPUR, May 28 (Xinhua) -- Amid escalating global challenges, China, the Association of Southeast Asian Nations (ASEAN), and the Gulf Cooperation Council (GCC) countries have forged a groundbreaking path in cross-regional cooperation. In a historic move, they convened a landmark trilateral summit in Kuala Lumpur, the capital of Malaysia -- ASEAN's current chair -- marking a bold step toward collective resilience, economic synergy, and a shared vision for prosperity. At the inaugural ASEAN-China-GCC Summit on Tuesday, Chinese Premier Li Qiang called on the three parties to set a global benchmark in openness, development cooperation and cross-civilization integration. His call comes at a critical juncture, as rising protectionism and escalating geopolitical tensions threaten to fracture the international order. Amid global economic headwinds and mounting uncertainties, Li noted that by strengthening connectivity and collaboration, the three sides can forge a vibrant economic circle and a powerful engine for growth, which holds profound significance not only for their respective prosperity but also for advancing peace and development across Asia and the world. "As some countries are becoming more protectionist and isolationist, the summit was a good initiative and effort to counter these emerging trends," said Lee Pei May, a political expert at the International Islamic University Malaysia. "The summit proves that economies can complement rather than compete with one another, easing the worries that countries can only develop if they turn inward," Lee added. At the tripartite gathering, Li urged all sides to work together to build a model of global cooperation and development in three aspects -- creating a model of cross-region openness, forging a model of cooperation across different development stages, and fostering a model of cross-civilization integration. At the summit, the leaders committed to further strengthening Belt and Road cooperation, with a focus on deepening ties in connectivity, trade, industrial and supply chains, agriculture, energy, finance, and the digital economy. They pledged to accelerate trilateral integration, fostering robust, inclusive, and sustainable development for all. The summit adopted a joint statement, which was hailed as "detailed, elaborate" and a strong message of trilateral solidarity and cooperation by Malaysian Prime Minister Anwar Ibrahim. In the joint statement, the relevant countries acknowledged their joint efforts to promote closer cooperation between ASEAN, GCC and China, and China's vision to build a closer ASEAN-China community with a shared future and a China-Arab community with a shared future in the new era. Andrew Kam Jia Yi, senior research fellow with the Institute of Malaysian and International Studies at the National University of Malaysia, said the summit highlights how the strengths of each party can complement one another. "The GCC's energy and financial resources, ASEAN's growing consumer base, and China's technological and financial capacities together create more resilient supply chains and boost food and energy security for all," he said. Following the summit, Li also delivered remarks at the opening ceremony of the ASEAN-China-GCC Economic Forum 2025. He emphasized China's commitment to energizing trilateral cooperation through its high-quality development, pledging to firmly expand high-level opening up, promote mutual reinforcement between domestic and international circulations and share the opportunities of China's development with countries of ASEAN and GCC, and enterprises from around the world. The trilateral cooperation mechanism not only fosters collaborative agreements across regions, but creates a novel platform of communication and dialogue for the Global South countries to closely coordinate on regional and international affairs and amplify their voices on the global stage. The joint statement recognizes the need to strengthen confidence in the rules-based multilateral trading system with the World Trade Organization at its core, and reaffirms the countries' resolve to make economic globalization more open, inclusive, balanced, and beneficial to their peoples and future generations. During talks with other leaders on the sidelines of the summit, the Chinese premier voiced China's readiness to push for a greater role of the Global South in improving global governance. In his meeting with Vietnamese Prime Minister Pham Minh Chinh, Li said that China looks to strengthen communication and cooperation with Vietnam and jointly protect the common interests of the Global South countries. During their meeting a day before the summit, Li told Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, crown prince of Kuwait, that China is committed to strengthening communication and coordination with Kuwait through various multilateral platforms to push for more just and equitable global governance and a more harmonious, stable and prosperous world. The trilateral summit "encourages other regions to pursue similar models of collaboration," Kam said. "It is a sign of growing solidarity, where countries of the Global South are working together to shape their own futures, assert their priorities on the global stage, and build a more equitable and stable world order from the ground up," the scholar added.
