The second ASEAN-Gulf Cooperation Council (GCC) Summit and the inaugural ASEAN-GCC-China Summit is expected to strengthen the tripartite regional cooperation, particularly in economic collaboration, underscoring the importance of the evolving partnership.
“It is important to have leaders from all six GCC member states. When the first summit was held in Saudi Arabia two years ago, all ASEAN leaders participated and it became a successful summit. We expect the same outcome under Malaysia’s chairmanship,” said ASEAN Secretary-General Dr Kao Kim Hourn.
On the prospect of a Free Trade Agreement (FTA) between ASEAN and the GCC, Kao said the idea had been explored and a pre-feasibility study was conducted.
“This study will be channeled through official mechanisms to both sides to consider what kind of economic cooperation can be pursued between the two regions. (However,) it is still early in the process,” he noted.
Kao explained that ASEAN’s current economic focus remains on strengthening intra-ASEAN cooperation and sustaining momentum with existing external partners through bilateral FTA.
“That said, there is potential for good progress,” Kao added.
According to Malaysian Prime Minister’s senior press secretary Tunku Nashrul Abaidah, the combined economy of ASEAN, the GCC and China has now reached nearly US$25 trillion from its population of over two billion people.
He also pointed out that ASEAN is currently the world’s fifth-largest economy with a gross domestic product (GDP) of US$3.8 trillion, while China remains ASEAN’s largest trading partner with bilateral trade totalling US696.7 billion.
Source: https://sme.asia/asean-gcc-china-to-support-regional-cooperation-boost-trade-and-enhance-supply-chains/