Latest news with #ASEAN-GCC
Malaysia Sun
7 days ago
- Business
- Malaysia Sun
2nd ASEAN-GCC Summit boosts inter-regional ties, resilience building
Delegates pose for a group photo at the 2nd ASEAN-GCC Summit in Kuala Lumpur, Malaysia, May 27, 2025. /VCG Enhancing inter-regional collaboration and building resilience to navigate an increasingly complex global landscape marked by economic uncertainty and geopolitical challenges will be high on the agenda of the 2nd Association of Southeast Asian Nations (ASEAN)-Gulf Cooperation Council (GCC) Summit, Malaysian Prime Minister Anwar Ibrahim said on Tuesday. In his remarks at the opening of the summit in Kuala Lumpur, Anwar said the two parties had made rapid strides forward on their three key pillars of cooperation - political-security, economic and socio-cultural - since its inaugural summit two years ago, but this must now be strengthened to face new developments in global affairs. "I believe the ASEAN-GCC partnership has never been more important than it is today, as we navigate an increasingly complex global landscape marked by economic uncertainty and geopolitical challenges. ASEAN and the GCC have the means and the responsibility to rise as anchors of stability and engines of future growth," he said. "A stronger ASEAN-GCC relationship will be key to enhancing inter-regional collaboration, building resilience and securing sustainable prosperity for our peoples," he said, adding that members of the two groupings must translate their shared vision into concrete and impactful cooperation. For his part, Crown Prince of Kuwait Sheikh Sabah Al-Khaled Al-Sabah said the two active groups on the global stage are convening, each possessing enormous geographic, demographic and strategic strengths, which qualify them to be influential players and undertake important roles amidst the accelerating global economic transformations. "The GCC was ASEAN's 7th largest trading partner in 2023, with a total trade volume of $130.7 billion. We anticipate this to grow by 30 percent, reaching $180 billion by 2032. The investment potential between both sides is vast," said the crown prince, whose nation holds the current rotating presidency of the GCC. "We therefore emphasize the importance of continuing to strengthen cooperation in economic, trade, investment and technical fields. We look forward to achieving positive outcomes in the ongoing negotiations for a free trade agreement between both sides, which will boost investment opportunities and support regional supply chains," he added. The summit brings together member states of ASEAN and GCC, which first met in this format in Saudi Arabia's capital, Riyadh, in 2023. During the first summit, leaders of ASEAN and GCC countries adopted a joint statement to lay the foundation to upgrade and develop their partnership and welcomed the ASEAN-GCC Framework of Cooperation (2024-2028), which outlines measures and cooperation activities to be jointly undertaken. These include specific targets in fields such as food security, renewable energy, innovation, adaptation to climate change, and combating terrorism and violent extremism. On the same day, Anwar said at a press conference that Southeast Asian countries have reached a consensus to have an understanding on how to approach U.S. trade tariffs. The leaders had agreed that decisions should not be taken at the expense of any other country, and in proceeding with bilateral trade negotiations with Washington, they agreed not to harm other ASEAN partners, Anwar added. (With input from Xinhua) Source: CGTN
Qatar Tribune
27-05-2025
- Business
- Qatar Tribune
ASEAN kicks off summits with China, Gulf states amid US tariff threat
agencies kuala lumpur Southeast Asian leaders are holding their first ever summit with China and the six-member Gulf Cooperation Council (GCC), as they seek to insulate their trade-dependent economies from the effect of steep tariffs from the United States. The meeting, in the Malaysian capital, Kuala Lumpur, took place on Tuesday, on the second day of the annual summit of the 10-member Association of Southeast Asian Nations (ASEAN). Malaysia is the current chair of ASEAN, which also includes Brunei, Cambodia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam. The meeting followed separate talks between leaders of the ASEAN and the GCC, which comprises of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Malaysian Prime Minister Anwar Ibrahim, opening the ASEAN-GCC summit, said stronger ties between the two blocs would be key to enhancing collaboration, building resilience and securing sustainable prosperity. 'I believe the ASEAN-GCC partnership has never been more important than it is today, as we navigate an increasingly complex global landscape marked by economic uncertainty and geopolitical challenges,' Anwar said. At a press conference on Tuesday, Anwar added that Southeast Asian leaders reached an understanding that any bilateral agreements they may strike with the US on trade tariffs would not harm each others' economies. 'While proceeding with bilateral negotiations … the consensus rose to have some sort of understanding with ASEAN that decisions should not be at the expense of any other country,' Anwar told reporters. 'So we will have to protect the turf of 650 or 660 million people,' he said of ASEAN. China's Premier Li Qiang, who arrived in Kuala Lumpur on Monday, joined ASEAN and the GCC for their first meeting on Tuesday. He met with Anwar on Monday and called for expanded trade and investment ties between Beijing, ASEAN and the GCC. 'At a time when unilateralism and protectionism are on the rise and world economic growth is sluggish,' Li said, China, ASEAN and GCC countries 'should strengthen coordination and cooperation and jointly uphold open regionalism and true multilateralism'. ASEAN has maintained a policy of neutrality, engaging both Beijing and Washington, but US President Donald Trump's threats of sweeping tariffs came as a blow. Six of the bloc's members were among the worst hit, with tariffs between 32 percent and 49 percent. Trump announced a 90-day pause on tariffs in April for most of the world, and this month struck a similar deal with key rival China, easing trade war tensions. Anwar said on Monday he had also written to Trump to request an ASEAN-US summit this year, showing 'we observe seriously the spirit of centrality.' However, his Foreign Minister Mohamad Hasan said Washington had not yet responded. ASEAN has traditionally served as 'a middleman of sorts' between developed economies like the US and China, said Chong Ja Ian from the National University of Singapore (NUS).
Muscat Daily
27-05-2025
- Business
- Muscat Daily
GCC, ASEAN to boost economic ties
Kuala Lumpur, Malaysia – Association of Southeast Asian Nations (ASEAN) and Gulf Cooperation Council (GCC) agreed on Tuesday to boost bilateral ties at their second summit hosted in the Malaysian capital. GCC leaders agreed to continue furthering partnerships with ASEAN nations in the face of global challenges and attain common economic opportunities. 'We want to raise this figure to US$180bn by 2032 because there is huge potential that has yet to be explored in bilateral trade and investment,' said Sheikh Sabah Khaled al Hamad al Sabah, Crown Prince of Kuwait. The total trade volume between the two blocs amounted to US$130.7bn in 2024. Sheikh Sabah stressed the importance of accelerating negotiations for a GCC–ASEAN Free Trade Agreement, which is expected to unlock new investment opportunities and enhance regional supply chains. He also called for greater collaboration in energy security, climate action and technical fields. Key summit topics included economic cooperation, regional security, food and energy security, climate change and collaboration in education, technology and culture. In his opening remarks, Anwar Ibrahim, Prime Minister of Malaysia, expressed 'appreciation for the presence of all leaders, a strong signal of their shared resolve to strengthen ASEAN-GCC cooperation and to explore broader, forward-looking partnerships for the benefit of their peoples'. The ASEAN-GCC Framework of Cooperation 2024-2028, adopted at the inaugural summit in Riyadh in 2023, 'serves as our strategic roadmap to advance collaboration across political and security, economic and socio-cultural pillars', said Anwar. Oman's delegation was led by H H Sayyid Asaad bin Tarik al Said, Deputy Prime Minister for International Relations and Cooperation Affairs and Special Representative of His Majesty the Sultan. Addressing the summit, H H Sayyid Asaad said permanent peace in the Middle East cannot be achieved unless Israel halts its policy of genocide against the Palestinian people. 'The international community, and all nations represented at this summit, must take urgent political, diplomatic and economic measures to end Israeli aggression and ensure the unimpeded delivery of humanitarian aid to the Gaza Strip.'
Observer
27-05-2025
- Business
- Observer
Sayyid Asaad leads Oman's delegation at ASEAN-GCC Summit
KUALA LUMPUR: On behalf of His Majesty Sultan Haitham bin Tarik, HH Sayyid Asaad bin Tarik al Said, Deputy Prime Minister for International Relations and Cooperation Affairs, Personal Representative of His Majesty the Sultan, headed the Sultanate of Oman's delegation at the ASEAN-GCC Summit, which commenced on Tuesday in the Malaysian capital, Kuala Lumpur. Upon his arrival at the summit venue, HH Sayyid Asaad was received by Malaysian Prime Minister Anwar Ibrahim. In his opening remarks, the Malaysian Prime Minister emphasised that the summit reflects a shared commitment to strengthening the robust ties between the two blocs, noting that growing mutual investments demonstrate deepening trust. He stated that ASEAN-GCC relations will be pivotal in fostering interregional cooperation, building resilience, and ensuring sustainable prosperity. He expressed hope for productive discussions that pave the way for tangible initiatives within an expanding and sustainable partnership. Sayyid Asaad leads Oman's delegation at ASEAN-GCC Summit On his turn, Shaikh Sabah Khaled al Hamad al Sabah, Crown Prince of the State of Kuwait, delivered a speech highlighting that the inaugural ASEAN-GCC Summit in Al Riyadh successfully laid the foundation for comprehensive cooperation. He stressed the need to build on this momentum by implementing the Strategic Cooperation Framework (2024-2028), which serves as a road map for institutionalising this partnership and translating it into practical mechanisms to achieve shared progress. He underscored the significance of this partnership, noting that the 16 member states collectively represent a massive economic and demographic force, with a combined GDP nearing $6 trillion and a population of around 740 million. Their shared maritime and trade routes rank among the most vital globally, lending their cooperation a geopolitical and strategic dimension with direct implications for regional stability and global economic growth, he added. He pointed out that the GCC was ASEAN's seventh-largest trading partner in 2023, with total trade reaching $130.7 billion—a figure expected to grow by an average of 30%, reaching $180 billion by 2032. Sayyid Asaad leads Oman's delegation at ASEAN-GCC Summit He explained that the volume of untapped opportunities remains vast, with current achievements affirming the right trajectory. He further added that the ASEAN-GCC merchandise trade exceeded $122 billion in 2023, alongside steadily rising Gulf investments in Asian markets, reflecting mutual confidence and deepening economic integration. These trends, he noted, highlight the potential for further growth through incentivised economic policies. He emphasised the importance of advancing economic, trade, investment and technical cooperation, expressing optimism for progress in free trade agreement negotiations. Such efforts, he added, would unlock investment opportunities, bolster regional supply chains and enhance collaboration in energy security and climate change. The summit addresses key topics, including strengthening ASEAN-GCC economic partnerships and cooperation in security, food, energy and climate change, alongside advancing technical, educational and cultural collaboration. The event aims to deepen strategic cooperation between GCC and ASEAN nations across economic, investment, political and cultural spheres while addressing issues of mutual interest to all participating states. — ONA
Kuwait Times
27-05-2025
- Business
- Kuwait Times
Representative of Amir receives Asian leaders
Representative of Amir receives Asian leaders KUALA LUMPUR: Representative of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah meets with Prime Minister of Malaysia Dato' Seri Anwar Ibrahim, Premier of the State Council of the People's Republic of China Li Keqiang, His Majesty Sultan Haji Al-Bulqah Mu'izzaddin Wal-Dawla of Brunei, Prime Minister of the Lao People's Democratic Republic (Lao PDR) Dr Sonexay Siphandone, Singaporean Prime Minister and Minister of Finance Lawrence Wong on the sidelines of the 2nd ASEAN-GCC summit and the 2nd ASEAN-GCC-China summit in Kuala Lumpur. Discussions also covered the close bilateral relations between the countries and ways to enhance and develop them to achieve the common interests of the countries and peoples. — KUNA photos Representative of His Highness the Amir, His Highness the Crown Prince met with Premier of the State Council of the People's Republic of China Li Keqiang on the sidelines of the 2nd ASEAN-GCC summit and the 2nd ASEAN-GCC-China summit. Representative of His Highness the Amir, His Highness the Crown Prince receives with His Majesty Sultan Haji Al-Bulqah Mu'izzaddin Wal-Dawla of Brunei on the sidelines of the second summits of the Association of Southeast Asian Nations (ASEAN), the Gulf Cooperation Council (GCC) and the People's Republic of China. Representative of His Highness the Amir, His Highness the Crown Prince holds talks with Prime Minister of the Lao People's Democratic Republic (Lao PDR) Dr Sonexay Siphandone on the sidelines of the 2nd ASEAN-GCC summit and the 2nd ASEAN-GCC-China summit. Representative of His Highness the Amir, His Highness the Crown Prince on Monday met with Singaporean Prime Minister and Minister of Finance Lawrence Wong, on the sidelines of the 2nd ASEAN-GCC summit and the 2nd ASEAN-GCC-China summit.
