27-05-2025
- Business
- Malaysian Reserve
ASEAN-GCC relationship key in enhancing international collaboration
by FARAH SOLHI
THE ASEAN-Gulf Cooperation Council (GCC) relationship is key in enhancing international collaboration, in building resilience and securing sustainable prosperity for their people, said Prime Minister (PM) Datuk Seri Anwar Ibrahim.
With GCC being ASEAN's seventh largest trading partner (US$130.7 billion [RM571.16 billion in 2023), Anwar said the growing investment between the two blocs reflects confidence in their relationship.
'As I've referred to last night (May 26), ASEAN happens to be the most peaceful region, economically vibrant and dynamic.
'GCC, as I've also said, had made the major paradigm shift from a gloomy desert culture to a vibrant, promising, dynamic economy with the latest state-of-the-art new technology, digital and artificial-intelligence (AI) expertise,' he said today.
He further said that discussions and deliberations held at the second ASEAN-GCC Summit will be crucial in ensuring the two bloc's partnership remains dynamic, responsive and impactful.
Anwar added that ASEAN-GCC has the means and responsibility to rise as anchors of stability and engines of future growth.
'I look forward to a meaningful exchange of views that will pave the way for tangible initiatives under our growing and enduring partnership.
'In our experience, this summit is quite extraordinary as it is able to bring not only ASEAN leaders but also the most dynamic GCC countries into this region to work together, continuously building on trust through cooperation and friendship,' he said.
The Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah, who led the bloc's delegates to the summit, said the bloc anticipates the total trading volume inter-bloc could increase to an average of 30%, reaching US$180 billion by 2026.
He added that the investment potential between both sides is vast, and the growth in ASEAN-GCC trade, 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 opening remarks delivered on behalf of Amir of the State of Kuwait Shaikh Meshal Al Ahmad Al Jaber Al Sabah.
Sheikh Sabah Khaled added that the two bloc's partnership is vital as the 16 nations combined represent an immense economic and human power, with a combined GDP approaching US$6 trillion and a population of approximately 740 million people.
'We look positively and with optimism at the achievements since the first summit and stress the importance of continuing to build upon them. We must explore new horizons that align with global developments, particularly in AI and cyber security.
'In the political and security domains, we reaffirm our commitment to constructive dialogue, mutual understanding, respect for sovereignty and non-interference in internal affairs — all essential for enhancing regional and international stability,' he added.
The ASEAN-GCC Summit, which serves as a platform to enhance inter-bloc cooperation, held its inaugural edition in 2023.
