Latest news with #GCC-Asean
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
New Straits Times
27-05-2025
- Business
- New Straits Times
GCC-Asean trade expected to surge 30pct to US$180bil by 2026
KUALA LUMPUR: Trade volume between the Gulf Cooperation Council (GCC) and Asean is forecast to grow by an average of 30 per cent, reaching US$180 billion (RM846 billion) by 2026. Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah said the investment potential between both sides is huge. "We are pleased that the GCC was Asean's seventh largest trading partner in 2023, with a total trade volume of US$ 130.7 billion. "We anticipate this to grow by an average of 30 per cent, reaching US$ 180 billion by 2026. "The investment potential between both sides is vast, and the growth in GCC-Asean trade, which exceeded US$ 128 billion in 2023, along with rising Gulf investments in Asian markets, reflects mutual confidence and deepening economic integration," he said in his opening remarks at the 2nd Asean-GCC Summit here today. Sheikh Sabah Khaled is the president of the current session of the Supreme Council of the GCC. He also said that it is important for both regions 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 (FTA) between both sides," he said. On the Summit, Sheikh Sabah Khaled said it will strengthen cooperation between both sides. "The first Riyadh Summit between both sides, held on Oct 20, 2023, was a successful beginning to map out a comprehensive cooperation framework. "We aim to build upon this momentum, guided by the Asean-GCC Strategic Partnership Framework 2024–2028, which serves as a roadmap for institutionalising this partnership and transforming it into practical mechanisms capable of achieving tangible progress," he said.
Borneo Post
27-05-2025
- Business
- Borneo Post
Anwar: Stronger Asean-GCC ties vital amid global economic uncertainty
Anwar addresses leaders during the 2025 Asean-GCC Summit at the Kuala Lumpur Convention Centre today. — Malay Mail photo KUALA LUMPUR (May 27): At the second Asean-GCC Summit today, Prime Minister Datuk Seri Anwar Ibrahim underscored the importance of strengthening ties between the two blocs amid the current global economic climate. He said the summit plays a crucial role in ensuring the partnership remains dynamic, responsive, and impactful. '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. 'A stronger Asean-GCC relationship will be key to enhancing inter-regional collaboration, building resilience, and securing sustainable prosperity for our peoples,' he said in his opening remarks at the summit held at the Kuala Lumpur Convention Centre here. 'Today's deliberations will be crucial in ensuring that our partnership remains dynamic, responsive, and impactful. Let us use today's summit to reaffirm our collective ambition and translate our shared vision into concrete and impactful cooperation,' he added. The Gulf Cooperation Council (GCC), established in 1981, comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE), with the aim of fostering political and economic cooperation among member countries. The first Asean-GCC Summit was held in Riyadh, Saudi Arabia, in 2023. Anwar noted that the GCC was Asean's seventh-largest trading partner, with total trade reaching US$130.7 billion two years ago. 'Investment is also growing, reflecting increasing confidence in the long-term prospects of our partnership,' he added. Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah said the partnership anticipates trade between the 16 countries to grow by an average of 30 per cent, reaching US$180 billion by 2026. 'The investment potential between both sides is vast, and the growth in GCC-Asean trade, which exceeded US$128 billion in 2023, along with rising Gulf investments in Asian markets, reflects mutual confidence and deepening economic integration. 'We therefore emphasise 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 (FTA) between both sides, which will boost investment opportunities and support regional supply chains,' he said in his speech. The Asean-GCC Summit is being held alongside the 46th Asean Summit, with Malaysia as the host nation. Later today, it will be followed by the inaugural Asean-GCC-China Trilateral Summit. — Malay Mail anwar ibrahim Asean-GCC summit
