Latest news with #SabahKhaled
The Star
6 days ago
- Business
- The Star
Gulf leaders agree to boost strategic partnership with Asean
KUALA LUMPUR: Leaders from the Gulf Cooperation Council (GCC) have agreed to strengthen their strategic partnership with Asean to confront global challenges and seize shared economic opportunities. Kuwait Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah said the GCC is also hoping to achieve US$180bil (RM763bil) in trade with Asean by 2032, and this can be done by having proactive economic policies. 'We aim to increase this figure to US$180bil by 2032, as there remains substantial untapped potential in bilateral trade and investment,' he said during the Asean-GCC Summit. Sheikh Sabah Khaled, who is the President of the current session of the GCC ministerial council, 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 continued cooperation in the fields of economy, trade and investment. 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,' he said. Sheikh Sabah Khaled also 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 (RM25.43 trillion) and a population of 740 million. '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. We look forward to progress in free trade agreement negotiations, as well as strengthening cooperation in supply chains and investment,' he said. Sheikh Sabah Khaled said this year's summit played a crucial role in enhancing cooperation between the two regions. 'This session has inspired us to further strengthen bilateral cooperation and reflects the deep historical ties between both parties. 'It also demonstrates our shared commitment to building a strategic partnership founded on mutual interests, the principles of international law and sustainable development for our people,' he added. The first Asean-GCC Summit was held in Riyadh, Saudi Arabia, in 2023, where leaders endorsed the Asean-GCC Framework of Cooperation (2024-2028), marking a historic milestone in inter-regional relations. The GCC – comprising six countries, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates – was founded in 1981 to foster political and economic cooperation among Gulf countries.
New Straits Times
6 days ago
- Business
- New Straits Times
GCC stresses importance of cooperation with Asean, China in facing global challenges
KUALA LUMPUR: The Gulf Cooperation Council (GCC) acknowledges the importance of strengthening multilateral cooperation and forging strategic partnerships with Asean and China, given the current international situation marked by economic challenges, environmental threats, and the need to accelerate geopolitical transformation. Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, who is also President of the current session of the GCC Supreme Council, said the GCC-China and Asean relationships have become viable and successful models of cooperation based on shared interests, expertise, and the development of long-term institutional frameworks. His Royal Highness said the first GCC-China Summit held in Riyadh in 2022 was a strategic turning point that established a comprehensive partnership to address economic, technological, environmental and developmental issues. Meanwhile, the first GCC-Asean Summit, held in Riyadh in 2023, served as a successful platform for cooperation and integration between the two sides. "Today, the first GCC-Asean-China Summit held here is a natural evolution of the initiatives launched in Riyadh and has opened new horizons for trilateral integration, linking the world's two most dynamic and effective regions in the global economy, value chains and production," the Crown Prince said at the inaugural Asean-GCC-China Summit here today. Sheikh Sabah Khaled explained that the GCC highly values the launch of the Joint Action Plan for Strategic Dialogue with China for the 2023-2027 period and believes it lays a solid foundation to enhance cooperation in the fields of renewable energy, technology, education, health, artificial intelligence and scientific research. The GCC also emphasised the importance of the 2024-2028 Strategic Cooperation Framework between the GCC and Asean as a platform for establishing institutional mechanisms to strengthen this partnership, which has ultimately formed a trilateral framework between the GCC, Asean and China, His Royal Highness said. Economic indicators show steady growth in GCC trade with Asean and China. Total trade between the GCC and China reached approximately USD298 billion in 2023, while foreign direct investment between the two sides amounted to around USD19 billion in the same year. Trade with Asean surpassed USD122 billion in 2023, reflecting strong momentum and a partnership that should be further expanded and developed. "In this context, we stress the importance of concluding negotiations for a free trade agreement between the GCC and China and intensifying efforts to facilitate trade and investment in accordance with our national and regional frameworks," His Royal Highness said. Sheikh Sabah Khaled added that the GCC also calls for the removal of barriers that limit export flows between the GCC, Asean and China to accelerate investment integration and improve market access among the three parties. His Royal Highness also underlined the importance of the Asean-GCC-China Economic Forum as a platform to explore opportunities in investment, innovation, and integration in infrastructure, green energy, the digital economy, and other areas of mutual interest. The Crown Prince said the GCC's strategic position and resources in the global economy carry a shared responsibility to develop integrated policies that enhance food and water security, promote cooperation in clean energy, and support innovation and sustainability — including alignment with the Belt and Road Initiative and the national development visions of GCC member states. The summit was a new initiative by Malaysia as Asean Chair, aimed at strengthening trilateral economic cooperation among Asean, the GCC and China. It was attended by leaders from Asean, GCC member states and China.
The Sun
6 days ago
- Business
- The Sun
GCC stresses importance of cooperation with ASEAN, China in facing global challenges
KUALA LUMPUR: The Gulf Cooperation Council (GCC) acknowledges the importance of strengthening multilateral cooperation and forging strategic partnerships with ASEAN and China, given the current international situation marked by economic challenges, environmental threats, and the need to accelerate geopolitical transformation. Kuwaiti Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, who is also President of the current session of the GCC Supreme Council, said the GCC-China and ASEAN relationships have become viable and successful models of cooperation based on shared interests, expertise, and the development of long-term institutional frameworks. His Royal Highness said the first GCC-China Summit held in Riyadh in 2022 was a strategic turning point that established a comprehensive partnership to address economic, technological, environmental and developmental issues. Meanwhile, the first GCC-ASEAN Summit, held in Riyadh in 2023, served as a successful platform for cooperation and integration between the two sides. 'Today, the first GCC-ASEAN-China Summit held here is a natural evolution of the initiatives launched in Riyadh and has opened new horizons for trilateral integration, linking the world's two most dynamic and effective regions in the global economy, value chains and production,' the Crown Prince said at the inaugural ASEAN-GCC-China Summit here today. Sheikh Sabah Khaled explained that the GCC highly values the launch of the Joint Action Plan for Strategic Dialogue with China for the 2023-2027 period and believes it lays a solid foundation to enhance cooperation in the fields of renewable energy, technology, education, health, artificial intelligence and scientific research. The GCC also emphasised the importance of the 2024-2028 Strategic Cooperation Framework between the GCC and ASEAN as a platform for establishing institutional mechanisms to strengthen this partnership, which has ultimately formed a trilateral framework between the GCC, ASEAN and China, His Royal Highness said. Economic indicators show steady growth in GCC trade with ASEAN and China. Total trade between the GCC and China reached approximately USD298 billion in 2023, while foreign direct investment between the two sides amounted to around USD19 billion in the same year. Trade with ASEAN surpassed USD122 billion in 2023, reflecting strong momentum and a partnership that should be further expanded and developed. 'In this context, we stress the importance of concluding negotiations for a free trade agreement between the GCC and China and intensifying efforts to facilitate trade and investment in accordance with our national and regional frameworks,' His Royal Highness said. Sheikh Sabah Khaled added that the GCC also calls for the removal of barriers that limit export flows between the GCC, ASEAN and China to accelerate investment integration and improve market access among the three parties. His Royal Highness also underlined the importance of the ASEAN-GCC-China Economic Forum as a platform to explore opportunities in investment, innovation, and integration in infrastructure, green energy, the digital economy, and other areas of mutual interest. The Crown Prince said the GCC's strategic position and resources in the global economy carry a shared responsibility to develop integrated policies that enhance food and water security, promote cooperation in clean energy, and support innovation and sustainability — including alignment with the Belt and Road Initiative and the national development visions of GCC member states. The summit was a new initiative by Malaysia as ASEAN Chair, aimed at strengthening trilateral economic cooperation among ASEAN, the GCC and China. It was attended by leaders from ASEAN, GCC member states and China.
Malaysian Reserve
6 days ago
- Politics
- Malaysian Reserve
Kuwait crown prince urges global action to end Israeli aggression
by FARAH SOLHI THE international community must uphold its legal and moral responsibilities and exert the necessary pressure to stop the aggression of Israel occupation on Palestinians, to ensure international protection for the civilians, said Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah. Leading the Gulf Cooperation Council (GCC) delegation at the second ASEAN-GCC Summit today, he reaffirmed the bloc's position on Palestinian cause and supports the right of Palestinian to establish an independent state. 'We also renew our call for the resumption of a serious and credible peace process based on international resolutions and the Arab Peace Initiative. We commend ASEAN's position in supporting the legitimate rights of the Palestinian people and defending their just cause. 'Regarding the situation in Syria, the GCC welcomes the positive developments on the ground and affirms support for all efforts aimed at achieving security and stability, preserving Syria's sovereignty and territorial integrity, and enabling the Syrian people to regain safety and prosperity,' he said in his opening remarks delivered at the summit this morning on behalf of Amir of the State of Kuwait Shaikh Meshal Al Ahmad Al Jaber Al Sabah. Apart from the continuing humanitarian crisis in Gaza, Sheikh Sabah Khaled said the significance of the ASEAN-GCC Summit represents the inter-bloc foundational station toward strengthening cooperation between both sides. He added that it is a reflection of the blocs' historical relations and a renewal of their collective commitment to build a strategic partnership based on shared interests and the principles of international law, while promoting inclusive and sustainable development for the peoples 'The first Riyadh Summit (in Saudi Arabia) 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. '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 said. Sheikh Sabah Khaled also called for strengthening cooperation in combating terrorism, extremism and organised crime, thud enhancing intelligence sharing and improving crisis response capabilities. The GCC also proposed to designate 2026 as the Year of Cultural Convergence between the GCC and ASEAN, with cultural weeks, forums and art exhibitions to be held. 'Additionally, we propose celebrating ASEAN Day in a GCC country and GCC Cultural Day in an ASEAN country, to fulfil our shared cultural aspirations. 'We also call for joint youth and women empowerment initiatives in the next action plan, through training programmes, skill-building and entrepreneurship projects that reflect the ambitions of the new generations in our two regions,' he said. Sheikh Sabah Khaled stressed that the true success of the summit is not measured solely by declarations, but by the implementation of initiatives and the translation of shared aspirations into concrete actions. On behalf of GCC, he proposed the establishment of a high-level follow-up mechanism under the supervision of both Secretariats, tasked with preparing regular progress reports on the implementation of the summit's outcomes, to enhance effectiveness and sustainability. 'Finally, we look forward to ASEAN's participation in Expo 2030, which will be hosted in Riyadh. This will be a global opportunity to present a new model of sustainable partnerships, future technologies, and economic and cultural openness,' he said. Earlier, Prime Minister Datuk Seri Anwar Ibrahim, in chairing ASEAN in the summit said today's discussions and deliberations are crucial in ensuring the two bloc's partnership remains dynamic, responsive and impactful. He added that ASEAN and GCC have the means and responsibility to rise as anchors of stability and engines of future growth. The ASEAN-GCC Summit, which serves as a platform to enhance inter-bloc cooperation, held its first edition in 2023 in Riyadh. The GCC will also participate in another summit with ASEAN and China later today. The summits are held in conjunction with the 46th ASEAN Summit at the Kuala Lumpur Convention Centre (KLCC).
The Star
6 days ago
- Business
- The Star
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. ALSO READ: Asean and GCC can be anchors of stability and engines for growth, says PM '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. ALSO READ: Asean summits today to reinforce Malaysia's role in steering strategic cooperation '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. ALSO READ: Asean–GCC–China summit reflects cooperation in a multipolar world, says Anwar '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.
