Kuala Lumpur: Leaders from the Gulf Cooperation Council (GCC) have agreed to strengthen their broad strategic partnership with the Association of Southeast Asian Nations (ASEAN) to confront global challenges and seize shared economic opportunities. Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah stated that the GCC is currently ASEAN's seventh-largest trading partner, with total trade reaching US$130.7 billion in 2023.
According to BERNAMA News Agency, the Crown Prince expressed the aim to increase trade to US$180 billion by 2032, highlighting the substantial untapped potential in bilateral trade and investment. Speaking at the Second ASEAN-GCC Summit held at the Kuala Lumpur Convention Centre, he emphasized the encouraging rise in foreign investment into Asian markets as a positive sign of sustainable economic integration.
He further underscored the importance of ongoing cooperation in fields such as economy, trade, investment, and the arts. He expressed optimism regarding the positive outcomes of free trade agreement negotiations between the two regions, which are anticipated to open up investment opportunities and support regional development.
This year's summit, according to the Crown Prince, played a crucial role in enhancing cooperation between ASEAN and the GCC, reflecting their deep historical ties and shared commitment to building a strategic partnership founded on mutual interests, international law, and sustainable development.
The first ASEAN-GCC Summit, held on October 20, 2023, in Riyadh, marked a significant start in establishing a comprehensive cooperation framework for the 2024-2028 period. This framework aims to lay a solid foundation for rapid development through the partnership.
Regarding the Palestinian issue, the Crown Prince called for continuous collaboration between the GCC and ASEAN to resolve the humanitarian crisis in Gaza and the worsening Palestinian-Israeli conflict. He reaffirmed the GCC's support for establishing an independent Palestinian state based on the 1967 borders, with East Jerusalem as its capital, urging the international community to act swiftly to end the violence.
Additionally, he proposed that 2026 be declared the GCC-ASEAN Year of Cultural Solidarity, with various programs to enhance bilateral ties. Joint initiatives would focus on empowering youth and women through training, skills development, and entrepreneurship projects.
Founded in 1981 and headquartered in Riyadh, the GCC comprises six member states: Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates (UAE).