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New Straits Times
27-05-2025
- Business
- New Straits Times
GCC-Asean partnership must advance trade, sustainability and regional stability, says Saudi minister
KUALA LUMPUR: 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. "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. On the Palestinian issue, Prince Faisal reiterated Saudi Arabia's firm stance in support of a two-state solution, advocating for the establishment of an independent Palestinian state with East Jerusalem as its capital. He also urged the international community to intensify efforts to promote peace, support humanitarian relief efforts in Gaza, and address regional tensions with a comprehensive political and humanitarian approach. Prince Faisal added that by reaffirming Saudi Arabia's support for all initiatives that strengthen GCC-Asean cooperation and help realise the shared aspirations for prosperity, development and stability. The high-level summit, hosted by Malaysia as Asean Chair, brought together leaders from both regional blocs to strengthen cooperation across political, economic and security domains. The 46th Asean Summit, held under Malaysia's 2025 Chairmanship theme, "Inclusivity and Sustainability", marks the country's fifth term as Asean Chair, following previous chairmanships in 1977, 1997, 2005 and 2015. – Bernama-SPA
The Sun
27-05-2025
- Business
- The Sun
GCC-ASEAN partnership must advance trade, sustainability and regional stability, says Saudi FM
KUALA LUMPUR: 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. '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. On the Palestinian issue, Prince Faisal reiterated Saudi Arabia's firm stance in support of a two-state solution, advocating for the establishment of an independent Palestinian state with East Jerusalem as its capital. He also urged the international community to intensify efforts to promote peace, support humanitarian relief efforts in Gaza, and address regional tensions with a comprehensive political and humanitarian approach. Prince Faisal added that by reaffirming Saudi Arabia's support for all initiatives that strengthen GCC-ASEAN cooperation and help realise the shared aspirations for prosperity, development and stability. The high-level summit, hosted by Malaysia as ASEAN Chair, brought together leaders from both regional blocs to strengthen cooperation across political, economic and security domains. The 46th ASEAN Summit, held under Malaysia's 2025 Chairmanship theme, 'Inclusivity and Sustainability', marks the country's fifth term as ASEAN Chair, following previous chairmanships in 1977, 1997, 2005 and 2015.
Saudi Gazette
27-05-2025
- Business
- Saudi Gazette
Saudi FM emphasizes vast potential of GCC-ASEAN partnership and need to remove trade barriers
Saudi Gazette report KUALA LUMPUR — Minister of Foreign Affairs Prince Faisal bin Farhan highlighted the vast potential of partnership between the countries of the Gulf Cooperation Council (GCC) and the Association of South East Asian Nations (ASEAN). He also emphasized the importance of intensifying efforts to facilitate trade and remove any barriers. Prince Faisal made the remarks while addressing the second summit between the Gulf Cooperation Council (GCC) countries and the Association of Southeast Asian Nations (ASEAN), held in the Malaysian capital Kuala Lumpur on Tuesday. On behalf of Crown Prince and Prime Minister Mohammed bin Salman, Minister of Foreign Affairs Prince Faisal bin Farhan led the Saudi delegation to the summit. 'The economic relations between our countries offer promising opportunities in vital sectors, including finance, agriculture and halal food industries, and green and renewable energy. The two groups have achieved notable progress in trade exchange, which grew by 21 percent from 2023 to 2024, reaching a trade volume of approximately $123 billion in 2024. This reflects the vast potential of our partnership and highlights the importance of intensifying efforts to facilitate trade and remove any barriers,' he said. In his speech, Prince Faisal referred to the Economic and Investment Conference organized by the Saudi Ministry of Investment in Riyadh on May 28, 2024, describing it as an exceptional platform for exchanging investment opportunities and building bridges of communication between the private sectors of both regions. He also expressed hope for increased private sector participation to help realize shared goals. Prince Faisal highlighted the strong foundations laid by the first summit hosted by Saudi Arabia in Riyadh in 2023, and the ambitious partnership between the two groups. He emphasized the importance of strengthening mutual commitment, exploring economic partnership priorities, deepening regional market integration and sustainability, advancing digital transformation, enhancing public-private sector engagement, and fostering people-to-people relations. He also praised the second summit held in Malaysia for building on previous achievements and working to further develop the partnership in ways that serve the interests and aspirations of both regions' peoples, and achieve sustainable development and regional stability. Prince Faisal pointed out that the second summit is being held amid numerous global challenges, including the consequences of climate change, energy market volatility, and the urgent need to enhance food and water security. He recalled the joint commitment made during the first summit in Riyadh in 2023 to address these challenges collectively. The Saudi minister reaffirmed the Kingdom's commitment to a just and comprehensive solution that ensures the establishment of an independent Palestinian state with East Jerusalem as its capital, in accordance with the two-state solution and relevant international resolutions. He also called for intensified international efforts to promote peace, support humanitarian relief in Gaza, and enhance regional stability through a comprehensive approach to political and humanitarian tensions. Prince Faisal also reiterated the Kingdom's support for initiatives that enhance cooperation between the GCC and ASEAN countries, contributing to the realization of the peoples' aspirations for a prosperous and sustainable future.
Barnama
27-05-2025
- Business
- Barnama
GCC-ASEAN Partnership Must Advance Trade, Sustainability And Regional Stability, Says Saudi FM
KUALA LUMPUR, May 27 -- Saudi Foreign Minister Prince Faisal Farhan Al Saud addresses the 2nd ASEAN-GCC Summit at the Kuala Lumpur Convention Centre, with his delegation in attendance behind him. -- fotoBERNAMA (2025) COPYRIGHT RESERVED 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. bootstrap slideshow '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.
