Kuala Lumpur: Prime Minister and ASEAN 2025 Chair, Datuk Seri Anwar Ibrahim, announced today that the 10-member bloc is set to initiate free trade agreement (FTA) negotiations with the Gulf Cooperation Council (GCC) countries. According to BERNAMA News Agency, both ASEAN and the GCC have engaged in a series of sessions and discussions at the 2nd ASEAN-GCC Summit held at the Kuala Lumpur Convention Centre. The first meeting, which took place two years ago in Riyadh, Saudi Arabia, served as an introductory session to outline the program and explore specific areas of collaboration, as stated by the Prime Minister during a press conference at the conclusion of the ASEAN-GCC Summit and the ASEAN-GCC-China Summit at the Kuala Lumpur Convention Centre. Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah earlier declared that the GCC is now ASEAN's seventh-largest trading partner, with total trade reaching US$130.7 billion in 2023. He expressed the aim to increase this figure to US$180 billion by 2032, high lighting the substantial untapped potential in bilateral trade and investment. The Crown Prince, who also presides over the current session of the GCC Supreme Council, emphasized the rise in foreign investment into Asian markets as a sign of investor confidence and long-term economic integration. In a separate development, Malaysia signed a joint statement on Monday to commence talks on a Malaysia-GCC Free Trade Agreement (MGFTA). The Ministry of Investment, Trade and Industry Minister, Tengku Zafrul Aziz, stated that the MGFTA would reduce tariffs and non-tariff barriers, promote business mobility, and enhance regulatory cooperation. He expressed confidence in the continued growth of trade, which was valued at US$22 billion last year.