27-05-2025
GCC hopes to achieve RM759bil in trade with Asean by 2032, says Kuwait's Sheikh Sabah Khaled
KUALA LUMPUR: The Gulf Cooperation Council (GCC) is hoping to achieve US$180bil (RM759.6bil) in trade with Asean by 2032 and this can be done by having proactive economic policies, says Kuwait Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah.
Sheikh Sabah Khaled, who is the president of the current session of the GCC ministerial council, said trade with Asean and the six gulf countries stood at US$130.7bil (RM551.55bil) in 2023.
'GCC is Asean's seventh largest trading partner in 2023. We expect trade growth to reach US$180bil (RM759.6bil) by 2032.
'The increase in investment and market confidence shows a huge potential to improve these figures through proactive economic policies,' said Sheikh Sabah Khaled in his opening remarks of the 2nd Asean-GCC Summit in KL Convention Centre (KLCC) on Tuesday (May 27).
He said the GCC and Asean represent the largest economy and population group in the world, with a combined gross domestic product (GDP) worth US$6 trillion (RM25.32tril)and a population of 740 million.
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'This includes among the most important trading networks and sea routes in the world, which will have a direct effect on regional stability and global economic growth,' said Sheikh Sabah Khaled.
'We look forward to progress in free trade agreement negotiations, as well as strengthening cooperation in supply chains and investment,' said Sheikh Sabah Khaled.
Meanwhile, the Kuwait Crown Prince also said the GCC is very concerned at the ongoing humanitarian crisis in Palestine.
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'The GCC reaffirms its support towards the formation of Palestine based on the 1967 borders, with West Jerusalem as the capital.
'We urge the international community to act quickly and sternly to end the violence and start peace talks based on international laws and the Arab Peace Initiative,' said Sheikh Sabah Khaled.
Sheikh Sabah Khaled said the success of the Asean-GCC summit lies on the implementation of clear initiatives and objectives.
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'Therefore, we suggest for a high-level monitoring mechanism to be set up under the GCC and Asean secretariat, with a periodical report to measure achievement,' he said.
'We also invite Asean to join the 2030 Riyadh Expo as an opportunity to promote a sustainable global cooperation model,' he added.
The GCC consists of Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Kuwait and Oman.
