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.
