Latest news with #JuliaRoknifard
Malaysia Sun
25-05-2025
- Business
- Malaysia Sun
Column: ASEAN-GCC-China cooperation a new
The three parties now have more incentive than ever to coordinate in the current geopolitical climate, as some major countries are pursuing confrontation and protectionism, making the list of divergent interests only growing longer. by Julia Roknifard A remarkable mechanism of multilateral cooperation is emerging as the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) are to hold an inaugural joint summit. The three parties now have more incentive than ever to coordinate in the current geopolitical climate, as some major countries are pursuing confrontation and protectionism, making the list of divergent interests only growing longer. CHINA AS AN ANCHOR FOR ASEAN-GCC China has already had a transformative impact on ASEAN and the broader Middle East economically, including the GCC states, through major infrastructure, trade and development efforts -- particularly the Belt and Road Initiative and the Global Development Initiative. But the relationship runs deeper, with growing cooperation in technology, industrial development, tourism, cultural exchange and longstanding people-to-people ties. Malaysia, which assumed ASEAN's rotating chairmanship in 2025, has counted China as its largest trading partner since 2009 and has consistently advocated for deeper regional integration. Prime Minister Anwar Ibrahim has also been an active and outspoken voice on Middle East affairs, positioning Malaysia as a fitting host for the upcoming tripartite summit. Like many ASEAN nations, Malaysia has sought to steer clear of global trade tensions, upholding a policy of free and open trade while broadening its international partnerships, including joining the BRICS group in 2024. The move underscores a push to deepen ties and trade with China, as it faces tariffs and other forms of pressure from the United States. Meanwhile, China's diplomatic and stabilizing role on crucial issues has also boosted its standing in the region. Its calls for a peaceful and just resolution to the Palestinian conflict resonate with many in ASEAN, while its success in bringing together key Middle East powers, especially Iran and Saudi Arabia, has further elevated its profile and generated goodwill across the region. BUILDING RESILIENT ECONOMIC TIES The convergence of major energy exporters in the GCC, ASEAN's large consumer base, and China's massive market of over 1.4 billion people promises significant benefits for all parties. Together, they hold enough resources within their borders to sustain trade to weather potential restrictions or disruptions. Despite efforts to draw ASEAN and the GCC members into bloc confrontation, the West is unable to pressure these countries as it previously could with its military and economic power, signalling a steady erosion of the leverage it once had. Amid ongoing conflicts and shifting economic realities, countries are increasingly prioritizing partnerships that best serve their development goals, rather than accepting policies that hinder their progress. Bringing together all three parties creates a new platform for cooperation. Barring interference from outside parties, this emerging "Golden Triangle" of resources, manufacturing, and consumers is poised to drive the global economy forward. It could also accelerate the spread of cutting-edge technologies pioneered by China -- particularly in renewable energy vehicles and artificial intelligence tools like DeepSeek, which is developed at a fraction of the cost of Western counterparts. BURYING THE UNIPOLAR ORDER As major European economies are close to recession and de-industrialization, and the United States itself has lost its edge in shipbuilding tonnage and continues to lapse in other sectors, China continues to move forward as it is able to recognize this simple fact that ASEAN, the GCC and other regional groupings across Africa and Latin America are looking forward to a new era of peace and stable international relations. While these aspirations might or might not result in a tight integration of ASEAN-GCC-China in foreseeable future, the alternative -- watching other nations drift toward harmful, fragmented policies -- is a far bleaker scenario than the promise of renewed global cooperation and shared prosperity. Editor's note: Julia Roknifard is a senior lecturer at the School of Law and Governance at Taylor's University. The views expressed in this article are those of the author and do not necessarily reflect those of Xinhua News Agency.
The Star
25-05-2025
- Business
- The Star
Asean-China-GCC ties seen to inject certainty into global economy
KUALA LUMPUR: Cooperation between the Association of Southeast Asian Nations (Asean), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. At the Asean-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by US tariffs. 'Golden triangle' Asean, a group of 10 Southeast Asian countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labor force, Asean has positioned itself as a major engine powering the global supply chain and industrial development. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 percent in 2024 to 4.2 percent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for Asean-GCC cooperation. "China has already had a transformative effect on Asean and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialization, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent US tariff policy. Visitors attend the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, South China's Guangxi Zhuang autonomous region, Sept 24, 2024. - Photo: Xinhua file Protecting global trade The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 percent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the US reciprocal tariffs "near-universal" and "not seen in a century". "The unprecedented imposition of tariffs by the US will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the US," Asean economic ministers said in a joint statement issued following a special virtual meeting held on April 10. US tariffs are also endangering $22 billion worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the US market, while the UAE could see disruptions to roughly $10 billion in US-bound re-exports, a result of US tariffs on goods originally produced in third countries. Facing trade disruption, China, Asean and GCC members - as part of the Global South, can jointly catalyse more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programmes depend. This will also benefit other countries and regions around the world," he added. Solid foundation Cooperation among China, Asean and GCC countries has witnessed fruitful results in recent years. In October 2023, the first Asean-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organisations, which forged ties in 1990. The Asean-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritise cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and Asean countries have fully completed negotiations on the Version 3.0 China-Asean Free Trade Area (Cafta), and will strive to formally sign the Cafta 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and Asean said at a special online meeting on Tuesday. "Over the past decade, economic ties between Asean and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming Asean-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergize their economic and industrial policies, and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said. - Xinhua
The Star
24-05-2025
- Business
- The Star
Xinhua Headlines: ASEAN-China-GCC cooperation to inject certainty into global economy
KUALA LUMPUR, May 24 (Xinhua) -- Cooperation between the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. At the ASEAN-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by U.S. tariffs. "GOLDEN TRIANGLE" ASEAN, a group of 10 Southeast Asian countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labor force, ASEAN has positioned itself as a major engine powering the global supply chain and industrial development. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 percent in 2024 to 4.2 percent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for ASEAN-GCC cooperation. "China has already had a transformative effect on ASEAN and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialization, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent U.S. tariff policy. PROTECTING GLOBAL TRADE The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 percent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the U.S. reciprocal tariffs "near-universal" and "not seen in a century." "The unprecedented imposition of tariffs by the U.S. will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the U.S.," ASEAN economic ministers said in a joint statement issued following a special virtual meeting held on April 10. U.S. tariffs are also endangering 22 billion U.S. dollars worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the U.S. market, while the UAE could see disruptions to roughly 10 billion dollars in U.S.-bound re-exports, a result of U.S. tariffs on goods originally produced in third countries. Facing trade disruption, China, ASEAN and GCC members -- as part of the Global South, can jointly catalyze more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programs depend. This will also benefit other countries and regions around the world," he added. SOLID FOUNDATION Cooperation among China, ASEAN and GCC countries has witnessed fruitful results in recent years. In October 2023, the first ASEAN-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organizations, which forged ties in 1990. The ASEAN-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritize cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), and will strive to formally sign the CAFTA 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and ASEAN said at a special online meeting on Tuesday. "Over the past decade, economic ties between ASEAN and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming ASEAN-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergize their economic and industrial policies, and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said.
Barnama
24-05-2025
- Business
- Barnama
ASEAN-China-GCC Cooperation to Inject Certainty into Global Economy
The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by US tariffs. At the ASEAN-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. KUALA LUMPUR, May 24 (Bernama-Xinhua) -- Cooperation between the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labour force, ASEAN has positioned itself as a major engine powering the global supply chain and industrial development. ASEAN, a group of 10 Southeast Asian countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for ASEAN-GCC cooperation. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 per cent in 2024 to 4.2 per cent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. "China has already had a transformative effect on ASEAN and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialisation, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent US tariff policy. PROTECTING GLOBAL TRADE The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 per cent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the US reciprocal tariffs "near-universal" and "not seen in a century." "The unprecedented imposition of tariffs by the US will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the US," ASEAN economic ministers said in a joint statement issued following a special virtual meeting held on April 10. US tariffs are also endangering US$22 billion worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the US market, while the UAE could see disruptions to roughly US$10 billion in US-bound re-exports, a result of US tariffs on goods originally produced in third countries. Facing trade disruption, China, ASEAN and GCC members -- as part of the Global South, can jointly catalyse more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programmes depend. This will also benefit other countries and regions around the world," he added. SOLID FOUNDATION Cooperation among China, ASEAN and GCC countries has witnessed fruitful results in recent years. In October 2023, the first ASEAN-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organisations, which forged ties in 1990. The ASEAN-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritise cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA) and will strive to formally sign the CAFTA 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and ASEAN said at a special online meeting on Tuesday. "Over the past decade, economic ties between ASEAN and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming ASEAN-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergise their economic and industrial policies and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said. -- BERNAMA-XINHUA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
Malaysia Sun
24-05-2025
- Business
- Malaysia Sun
Xinhua Headlines: ASEAN-China-GCC cooperation to inject certainty into global economy
* ASEAN, China and GCC are expected to deepen practical cooperation in various fields at the incoming ASEAN-China-GCC Summit. * The trilateral event comes amid heightened uncertainty in world economy. * In recent years, cooperation among China, ASEAN and GCC countries has witnessed fruitful results. KUALA LUMPUR, May 24 (Xinhua) -- Cooperation between the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. At the ASEAN-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by U.S. tariffs. "GOLDEN TRIANGLE" ASEAN, a group of 10 Southeast Asian countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labor force, ASEAN has positioned itself as a major engine powering the global supply chain and industrial development. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 percent in 2024 to 4.2 percent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for ASEAN-GCC cooperation. "China has already had a transformative effect on ASEAN and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialization, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent U.S. tariff policy. PROTECTING GLOBAL TRADE The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 percent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the U.S. reciprocal tariffs "near-universal" and "not seen in a century." "The unprecedented imposition of tariffs by the U.S. will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the U.S.," ASEAN economic ministers said in a joint statement issued following a special virtual meeting held on April 10. U.S. tariffs are also endangering 22 billion U.S. dollars worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the U.S. market, while the UAE could see disruptions to roughly 10 billion dollars in U.S.-bound re-exports, a result of U.S. tariffs on goods originally produced in third countries. Facing trade disruption, China, ASEAN and GCC members -- as part of the Global South, can jointly catalyze more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programs depend. This will also benefit other countries and regions around the world," he added. SOLID FOUNDATION Cooperation among China, ASEAN and GCC countries has witnessed fruitful results in recent years. In October 2023, the first ASEAN-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organizations, which forged ties in 1990. The ASEAN-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritize cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), and will strive to formally sign the CAFTA 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and ASEAN said at a special online meeting on Tuesday. "Over the past decade, economic ties between ASEAN and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming ASEAN-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergize their economic and industrial policies, and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said.
