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Business Times
27-05-2025
- Business
- Business Times
Asean, Gulf bloc, China can work closely on trade and investment, energy, digital economy: PM Wong
[KUALA LUMPUR] In a turbulent world, Asean, the Gulf Cooperation Council (GCC) and China 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). The three partners can work on concrete projects under the Asean Outlook on the Indo-Pacific, he added. At the second Asean-GCC Summit in Kuala Lumpur, PM Wong said that Asean and the Gulf bloc should strengthen their ties, with the global environment now much more uncertain than at the inaugural summit two years ago. Wtih relations 'boosted' by the 2023 Framework of Cooperation, the two blocs can build on this to 'forge even closer links', he said, suggesting three areas of focus. One area is trade and investment, including a possible 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. 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 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.' 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. 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. In a separate summit with the GCC and China, PM Wong noted Asean's existing FTA with China – with a '3.0' upgrade due later this year – and added: 'It is natural to extend these linkages towards a trilateral FTA between China, Asean and the GCC in due course.' Asean and Gulf Cooperation Council leaders meet for their second summit PHOTO: CMG 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 (DEFA) 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.' At the Asean-GCC-China Summit, PM Wong said that Asean hopes to leverage the expertise of both the GCC and China to support the Asean Power Grid and DEFA. 'This will help all our regions to harness the potential of technological advances, and to meet our shared goal of a sustainable future,' he said. Prime Minister Lawrence Wong meeting Chinese Premier Li Qiang ahead of a gala dinner on Monday PHOTO: LAWRENCE WONG X At the Asean-GCC Summit, PM Wong also broached the issue of Palestine, saying: '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.' Later, at a wrap-up interview with Singapore media, he added that the humanitarian disaster in Gaza is 'the result of Israel going too far in its actions'. 'A ceasefire is still not enough, because even after a ceasefire – you can have a ceasefire for a few days, a few weeks, a few months, even years – violence can still recur again.' 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 (left) 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 (left) 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. Prime Minister Lawrence Wong with King of Malaysia Sultan Ibrahim Sultan Iskandar PHOTO: BERNAMA PM Wong and his counterparts were also hosted to a royal luncheon by King of Malaysia Sultan Ibrahim Sultan Iskandar. In another social media post, he called the sultan a 'longstanding friend of Singapore', adding that it was a pleasure to see him again following their last meeting in January. PM Wong also thanked him for his steadfast support for the strong and enduring ties between the two countries.
The Sun
27-05-2025
- Business
- The Sun
Malaysia, Indonesia and Thailand ink CIQ Cooperation Framework
KUALA LUMPUR: Malaysia, Indonesia and Thailand today signed the Framework of Cooperation (FoC) in Customs, Immigration and Quarantine (CIQ) under the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), on the sidelines of the 46th ASEAN Summit here. The framework was signed by Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, Malaysia's Minister of Economy Datuk Seri Rafizi Ramli and Thailand's Deputy Minister of Finance Julapun Amornvivat. The FoC aims to strengthen CIQ cooperation by promoting more efficient and business-friendly formalities in implementing rules, regulations and procedures for the seamless movement of goods and people across borders. It also seeks to enhance the security and safety of subregional supply chains by establishing robust mechanisms to support economic growth and trade competitiveness across the IMT-GT. The signing ceremony was held ahead of the 16th IMT-GT Summit at the Kuala Lumpur Convention Centre. IMT-GT is a sub-regional economic cooperation programme launched in 1993 aimed at spurring economic development in participating provinces and states in the three countries. It focuses on enhancing trade and investment opportunities, tourism, strengthening infrastructure links and institutional arrangements, amongst others, to achieve a vision of an integrated, innovative, inclusive and sustainable subregion. The 46th ASEAN Summit is organised under Malaysia's ASEAN Chairmanship 2025, themed 'Inclusivity and Sustainability.
Barnama
27-05-2025
- Business
- Barnama
Malaysia, Indonesia And Thailand Ink CIQ Cooperation Framework
KUALA LUMPUR, May 27 (Bernama) -- Malaysia, Indonesia and Thailand today signed the Framework of Cooperation (FoC) in Customs, Immigration and Quarantine (CIQ) under the Indonesia-Malaysia-Thailand Growth Triangle (IMT-GT), on the sidelines of the 46th ASEAN Summit here. The framework was signed by Indonesia's Coordinating Minister for Economic Affairs Airlangga Hartarto, Malaysia's Minister of Economy Datuk Seri Rafizi Ramli and Thailand's Deputy Minister of Finance Julapun Amornvivat. The FoC aims to strengthen CIQ cooperation by promoting more efficient and business-friendly formalities in implementing rules, regulations and procedures for the seamless movement of goods and people across borders.
