27-05-2025
ASEAN-GCC Strengthen Strategic Ties, Aim For US$180 Bln Trade By 2032
GENERAL
Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah attends the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and the inaugural ASEAN-GCC-China Summit at Kuala Lumpur Convention Centre (KLCC). -- fotoBERNAMA (2025) COPYRIGHT RESERVED
By Noor Azuki Fahme Ismail
KUALA LUMPUR, May 27 (Bernama) -- Leaders from the Gulf Cooperation Council (GCC) have agreed to strengthen their broad strategic partnership with the Association of Southeast Asian Nations (ASEAN) to confront global challenges and seize shared economic opportunities.
Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah said the GCC is now ASEAN's seventh-largest trading partner, with total trade reaching US$130.7 billion in 2023.
'We aim to increase this figure to US$180 billion by 2032, as there remains substantial untapped potential in bilateral trade and investment,' he said.
The Crown Prince, who is also the President of the current session of the Supreme Council of the GCC, made the remarks during the Second ASEAN-GCC Summit held at the Kuala Lumpur Convention Centre today.
He also noted the encouraging rise in foreign investment into Asian markets as a sign of confidence and sustainable economic integration.
'We would like to underscore the importance of continuing cooperation in the fields of economy, trade, investment and the arts, and we look forward to the positive outcomes of free trade agreement negotiations between both sides, which will open up investment opportunities and support regional development,' His Highness added.
He said this year's summit played a crucial role in enhancing cooperation between the two regions.
