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CTV News
5 days ago
- Business
- CTV News
ASEAN opens summit with Persian Gulf nations and China as U.S. threatens tariffs
Malaysia's Prime Minister Anwar Ibrahim, left, greets Ruler of the UAE's Emirate of Ras al-Khaimah Sheikh Saud bin Saqr al Qasimi in Kuala Lumpur on Tuesday, May 27, 2025. (Mohd Rasfan/Pool Photo via AP) KUALA LUMPUR, Malaysia — A regional association of Southeast Asian nations held a three-way summit Tuesday with China and six Persian Gulf countries in efforts to expand economic engagement and bolster resilience as they grapple with a volatile global trading system due to U.S. tariff hikes. Malaysian Prime Minister Anwar Ibrahim, in his opening remarks, said the inaugural summit in Malaysia's capital Kuala Lumpur would open up a new chapter of dialogue and cooperation. The 10-member Association of Southeast Asian Nations, the GCC and China collectively has a combined GDP of nearly $25 trillion and a market of over 2 billion people, offering vast opportunities to synergize their markets and promote cross-regional investment, he said. 'I am confident that ASEAN, the GCC, and China can draw upon our unique attributes and shape a future that is more connected, more resilient, and more prosperous,' he told the summit, attended by Chinese Premier Li Qiang. Li said the three-way cooperation would benefit all sides, contributing to economic development and peace in the region. China is ASEAN's top trading partner, and has sought to present itself as a reliable ally to the region amid its rivalry with the U.S. The GCC supplies over a third of China's crude oil imports. 'China will join ASEAN and the GCC in forging synergies that multiply rather than simply at our own strength,' he said. Brunei's Sultan Hassanal Bolkiah, one of the world's wealthiest men and longest-reigning current monarch, was missing from the three-party summit. He attended ASEAN summits on Monday and the ASEAN-GCC meeting earlier Tuesday. Anwar later told reporters that the sultan, 78, was hospitalized due to fatigue. 'He is feeling a little tired, so he's just resting' at the National Heart Institute, Anwar said. Brunei officials couldn't immediately be reached for details. Malaysia is the current chair of ASEAN, which also includes Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Earlier Tuesday, Anwar told a separate ASEAN-GCC forum that partnership between the two blocs would be key to navigate an increasingly complex global economy and geopolitical challenges. He later said the two sides planned to launch talks to establish a free trade area. Kuwait's Crown Prince Sheikh Sabah Khalid Al Sabah said the two blocs, which held their first summit in Riyadh in 2023, would build on their momentum to deepen cooperation and 'improve our ability to face crisis.' He said the GCC is ASEAN's seventh-largest trade partner, with total trade reaching $130.7 billion in 2023. The GCC comprises the oil-producing nations of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. Anwar said last week the GCC already has strong links with the U.S. and 'wants to be close to China too.' ASEAN has maintained a policy of neutrality, engaging both Beijing and the United States, but U.S. President Donald Trump's threats of sweeping tariffs came as a blow. Six of the bloc's members were among the worst hit, with tariffs between 32% and 49%. Trump announced a 90-day pause on tariffs in April for most of the world, and this month struck a similar deal with key rival China, easing trade war tensions. ASEAN is seeking a summit with Trump on the tariffs, while moving to expand trade ties with China and others. Anwar told a news conference at the end of the summit that ASEAN wasn't pivoting towards China but it works with both Beijing and Washington because it makes economic sense. 'I don't think (ASEAN) is tilting in anyway,' he said. Collins Chong Yew Keat, a foreign affairs, strategy and security analyst with Universiti Malaya, said the ASEAN-GCC-China summit underscored Beijing's efforts to strengthen support during its trade battle with the U.S. He noted it came on the heels of Trump's recent charm offensive in Saudi Arabia, Qatar and the United Arab Emirates. While relying on U.S. defence support, ASEAN is increasing reliance and partnership with China and other U.S. rivals, Chong said. The bloc has failed to take strong action against Beijing's aggression in the disputed South China Sea, he said. ASEAN members Vietnam, the Philippines, Malaysia and Brunei have overlapping claims with China, which asserts sovereignty over almost the entire South China Sea. 'If this continues under the current Trump administration, it will create further room for Washington to distance itself from the region, which will spell disaster and create an even deeper Chinese presence,' he said. Eileen Ng, The Associated Press
Zawya
25-05-2025
- Business
- Zawya
IBPC Dubai and Bombay Stock Exchange forge strategic UAE-India capital corridor
Dubai, United Arab Emirates: In a historic convergence of financial leadership and cross-border collaboration, the Indian Business & Professional Council (IBPC Dubai) hosted Mr. Sundararaman Ramamurthy, Managing Director and CEO of Bombay Stock Exchange (BSE), for the inaugural UAE-India Capital Connect Series, signalling a renewed era of economic engagement between the UAE and India. The event drew prominent investors, institutional stakeholders, students, and professionals across sectors for a series of high-level sessions aimed at deepening capital market linkages and unlocking new growth channels between the two economies. 'This was a monumental day of achievement for IBPC Dubai,' stated Mr. Siddharth Balachandran, Chairman, IBPC Dubai. 'With active participation from over 10 community associations, we saw unity in diversity at its finest. As India charts its path toward becoming a USD 30 trillion economy by 2045, forums like these become critical enablers for collaborative progress.' Mr. Ramamurthy's keynote address served as both a retrospective and a forward-looking blueprint for India's capital market evolution from the formation of BSE in 1875 to its transformation into a cutting-edge digital marketplace. 'The paradigm has shifted,' said Mr. Ramamurthy. 'Post-1992 reforms, Indian markets moved from merely facilitating trades to catalysing capital formation, job creation, and trust-building. Today, with over 200 million mutual fund investors and 11,000 foreign portfolio investors, India has become a consumption-driven, resilient economy, poised for global leadership.' He emphasized the robustness of India's financial infrastructure, noting BSE's capacity to handle 1.4 million order messages per second, soon expanding to 2 million, and the platform's technological edge in latency-free trading and high-frequency environments. 'The Indian economy is like a ship capable of navigating turbulent geopolitical waters. Our market diversity and depth offer strong ballast. This is the time for Indian expatriates to not just remit but reinvest back in India through structured channels like the BSE.' His Excellency Satish Sivan, Consul General of India in Dubai, lauded the initiative as a strategic step in bolstering India-UAE economic cooperation, reinforcing the trusted, long-standing partnership between the two nations. Multiple sessions throughout the day offered tailored insights—from institutional investors to students and retail investors. Each session underscored the growing necessity of financial literacy, transparent capital access, and a shared vision for bilateral economic advancement. 'Events like these reflect the timeliness and seriousness with which we approach our dual mandate,' added Mr. Balachandran. 'We must support India-UAE trade ambitions while staying deeply rooted to our homeland's growth story.' With India recently overtaking major global economies to become the world's fifth largest, and UAE emerging as a capital gateway, the UAE-India Capital Connect Series is a testament to IBPC Dubai's commitment to strengthening people-to-market pipelines that drive real economic impact. The BSE CEO also highlighted significant opportunities in India's underrepresented SME sector, with only 1,000 of 60 million small and medium enterprises listed, and encouraged UAE investors to explore curated financial instruments, including newly launched indices tailored to mutual funds and insurance sectors. The evening's proceedings were kickstarted with speeches by Dr. Sahitya Chaturvedi, Secretary General of the IBPC, Mr. Skandan Mahalingam, Governor, IBPC Dubai and the evening closed with a Q&A session and a vote of thanks by Mr. Sunil Sinha, Vice Chairman, IBPC Dubai. For media inquiries, please contact: Nandini Vohra at nandini@
ABC News
15-05-2025
- Business
- ABC News
Albanese calls for deeper economic ties with Indonesia on first visit since re-election
Anthony Albanese has backed Indonesia's bid to join a key regional trade agreement after being given a spectacular official welcome to Jakarta's Presidential Palance and holding high levels talks with Prabowo Subianto. The prime minister urged Australian businesses to show greater "ambition" when dealing with the emerging South-East Asian economy, while brushing aside questions about Indonesia's growing military ties with Russia. Mr Prabowo and Mr Albanese both talked up the bilateral relationship in the wake of the meeting, with Mr Albanese saying "no relationship is more important to Australia than this one." Mr Prabowo said Australia and Indonesia were "destined to be neighbours" and that "good neighbours are the ones who will help us in rough times." "Family may be far away, but neighbours are always there for us. Therefore, I am determined to maintain the best relationship with our neighbour," he said. Mr Albanese extolled Indonesia's economic rise over recent decades but warned Australia risked missing out on the boom. "To convert extraordinary potential into concrete progress, then all of us — government, business, civil society — need to demonstrate greater engagement and ambition." The Albanese government has launched a new strategy to boost Australian economic engagement with South-East Asia, but investment from Australia still lags, and trade between the two countries has actually contracted slightly in recent months. Mr Prabowo stressed during his remarks that he had "invited … Australia to participate more in our economy." The prime minister also declared that he'd back Indonesia's bid to join the OECD and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP-TPP). Multiple other countries — including China and Taiwan — have also been angling to join the sprawling trade pact, which has more than a dozen members. Susannah Paton from the Lowy Institute said it was a "no-brainer" for Australia to support Indonesia's CP-TPP accession, "both politically and practically." "If Indonesia were to join either OECD or CP-TPP it would also promote the kind of economic reforms that could help drive investment from Australia, too," she said. The prime minister and the president also discussed defence and security cooperation in the wake of a major defence pact signed by both countries last year and the controversy over a reported Russian approach to base military aircraft in Indonesia's Papua province. When asked about the story during a press conference ahead of the meeting, Mr Albanese pointed out that Indonesia had ruled out giving Russia any basing rights. But he avoided questions on whether Australia had intelligence confirming Russia had made such a request, simply saying Indonesia had "made its position clear." "Russia, of course, will try to increase its influence," he said. "It is not for me to comment on what occurred between countries that are not Australia. What is important is Australia's position." He also wouldn't be drawn on whether he'd raise the issue with Mr Prabowo during the official talks. The two leaders discussed expanding defence and security cooperation under a major security agreement signed by both countries last year. Mr Albanese said it represented "the most significant step in the Australia and Indonesia security partnership for three decades." "But let me be very clear — I do not see this agreement as the last step," he said. For his part, the Indonesian president simply said Indonesia was still committed to ratifying the agreement and would continue to "discuss the possibilities to improve cooperation in the defence sector." Australia has also committed $15 million to "enhance bilateral maritime cooperation" between the countries. Susannah Patton, director of the South-East Asia Program at the Lowy Institute, said initiatives like that would help with "maintaining momentum and capitalising on Mr Prabowo's goodwill to Australia. "However, the DCA still hasn't been ratified by either parliament, so these initiatives are separate, rather than breakthroughs enabled as a result of the agreement being in force," she said. "Australia has similar maritime cooperation programs with other South-East Asian countries, especially the Philippines and Vietnam, so the question with Indonesia will really be how receptive and engaged it is with what Australia is offering." The government has talked up Mr Prabowo's warm attitude to Mr Albanese, pointing to his decision to pay a rare visit to the prime minister's hotel for an informal meeting last night before today's official talks. It also believes this visit will help cement the prime minister's relationship with the president, who is taking a far firmer hand on key strategic decisions than his predecessor Joko Widodo. But Mr Prabowo has also held firmly to Indonesia's long commitment to non-alignment, with Mr Patton suggesting Australian officials would also be realistic about how far the strategic relationship could go. "Prabowo's warmth and positive disposition is certainly valuable," she told the ABC. "However, he has also been keen to strengthen ties with many other countries, including China and Russia, so strategic limits will remain firmly in place."
South China Morning Post
15-05-2025
- Business
- South China Morning Post
US lawmakers mull State Department shake-up as trade partners seek new alliances
Major economies are beginning to work around the United States as Washington breaks away from the global trading rules that it established, witnesses told lawmakers on Wednesday, in a hearing called to assess how to restructure the US government to align economic and foreign policy goals. Witnesses and lawmakers in the hearing organised by the House East Asia and Pacific subcommittee – chaired by Young Kim, a California Republican – generally agreed that a policy of closer economic engagement with trading partners was necessary, particularly to counter China's growing influence, but needed closer coordination between numerous US government agencies. 00:45 Trump says he can see himself dealing directly with Xi on US-China trade deal details Trump says he can see himself dealing directly with Xi on US-China trade deal details Kim said her committee aimed to craft legislation to address concerns expressed by US President Donald Trump and some of his predecessors that 'economic security, economic policy is foreign policy'. She argued that 'the current alignment of functions and agencies charged with leading our economic statecraft effort is in need of structural reform'. Against the backdrop of Trump's bewildering series of tariff impositions, rescissions, and threats, witnesses including Wendy Cutler – a former US trade negotiator and now vice-president at the Asia Society Policy Institute – warned that economic partnerships that would have been 'impossible just years ago' are moving ahead.
