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New Straits Times
27-05-2025
- Business
- New Straits Times
Asean-GCC Summit wraps up on a high note: Leaders eye stronger ties
KUALA LUMPUR: The atmosphere was cheerful following the conclusion of the Asean-Gulf Cooperation Council (GCC) Summit today. Indonesian President Prabowo Subianto, when approached after the meeting, described it as a highly positive gathering. "Good, good, very good," he said enthusiastically to members of the media. Meanwhile, Thailand's Deputy Finance Minister Julapun Amornvivat said all 16 participating nations were looking forward to deeper cooperation, increased trade, and sustained peace and stability across both regions. "Together, the GCC and Asean form a significant collaboration between countries, peoples, and economies. We look forward to closer cooperation between all member states," he said. Also in attendance was Timor-Leste's Prime Minister Kay Rala Xanana Gusmão, who appeared in high spirits, cheerfully handing out chocolates to members of the press waiting outside the summit venue. Leaders of Asean and the GCC convened today for their second summit at the Kuala Lumpur Convention Centre. Earlier, Asean Chairman and Prime Minister Datuk Seri Anwar Ibrahim said that Asean-GCC ties would be pivotal in strengthening inter-regional cooperation, fostering resilience, and ensuring sustainable prosperity for their peoples. He said both Asean and the GCC possessed the capacity and shared responsibility to become pillars of stability and engines of future growth. Separately, Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah said trade volume between the GCC and Asean is expected to grow by an average of 30 per cent, reaching US$180 billion (RM846 billion) by 2026. Sheikh Sabah Khaled is also President of the Supreme Council of the GCC.
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.
