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New Straits Times

[UPDATED] Asean commits to deepen economic ties with GCC, external partners

KUALA LUMPUR: Asean is committed to intensifying its economic engagements by deepening cooperation with external partners and expanding ties with new and emerging partners. In a joint statement following the 46th Asean Summit, Asean leaders said this includes region-to-region linkages such as those with the Gulf Cooperation Council (GCC). "Asean is also committed to intensifying its economic engagements by deepening cooperation with external partners and expanding engagement with new and emerging partners, including region-to-region linkages such as with the GCC. "Together, these efforts will reinforce Asean's resilience, expand and enhance economic opportunities, and secure its position as a dynamic and forward-looking hub of global trade and investment," they said. Amid global challenges, the regional bloc said Asean remains committed to being a reliable economic partner to all, and will continue to advance regional economic integration by strengthening and expanding existing economic partnerships, as well as seeking new opportunities for economic cooperation. These efforts will be anchored in mutual respect, shared values, and a common goal of peace and prosperity. "We stand ready to work constructively with all partners to advance and support a resilient, inclusive, and rules-based multilateral trading system for the benefit of our peoples and economies." It also reaffirmed strengthening Asean's resilience by further deepening internal trade and investment. This includes accelerating priority initiatives, including the Asean Digital Economy Framework Agreement and the upgrade of the Asean Trade in Goods Agreement. "We are confident that these efforts will reinforce regional integration, boost business certainty and competitiveness, and ensure Asean remains cohesive, agile and responsive to emerging challenges." The regional bloc added that it would also leverage, modernise, and upgrade Asean Plus One Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership Agreement (RCEP) in mitigating the risk of global trade uncertainties and supply chain disruptions. This would be done while ensuring they remain modern, comprehensive, and inclusive, whilst, in parallel, strengthening and boosting intra-Asean trade and investment, and responsive to 21st-century economic realities. They would also enhance Asean's internal coordination, making full use of existing cross-sectoral mechanisms and the newly established Asean Geoeconomic Task Force. "To this end, we task relevant ministers to monitor the current global economic challenges and to coordinate as appropriate for a strategic and coherent Asean response," they said. They added that the Asean Outlook on the Indo-Pacific (AOIP) is a vital instrument and primary framework that guides Asean's engagement of all its partners, anchored in the principles of Asean-centred, openness, inclusivity, transparency, resilience, and rules-based order regional architecture that upholds international law.