Kuala Lumpur: The upcoming ASEAN-Gulf Cooperation Council (GCC)-China Summit presents a crucial opportunity for deeper economic integration between the 10-member ASEAN bloc and major global powers such as China and the GCC countries, especially in a time of heightened global uncertainty, said an economist.

According to BERNAMA News Agency, the GCC, established in Riyadh in 1981, comprises six member states: Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain, and Oman. Dr. Tan Chee Meng, Assistant Professor of Business Economics at the University of Nottingham Malaysia, stated that the summit, representing nearly a quarter of the world's gross domestic product (GDP), can serve not only as a strategic platform for regional collaboration but also as a blueprint for broader global economic cooperation.

"This could be a working model that attracts other trading blocs to engage and collaborate more meaningfully in building a more interconnected and resilient global economy," he told Bernama on the sidelines of the 46th ASEAN Summit and Related Meetings.

Malaysia, as the ASEAN Chair for 2025, will host the 46th ASEAN Summit, the 2nd ASEAN-GCC Summit, and the inaugural ASEAN-GCC-China Summit at the Kuala Lumpur Convention Centre on May 26 and 27. The ASEAN-GCC-China Summit, scheduled for May 27 along with the ASEAN-GCC Summit, represents an important platform for expanded regional and inter-regional cooperation.

ASEAN's neutral stance gives it the edge to attract other countries for constructive economic engagement. "We need to see how we can actually work closely together to build mutual cooperation-talk about shared prosperity and how do we actually hedge against uncertainty due to policies of the West," said Tan. He also emphasized the importance of economic collaboration in enhancing ASEAN's position as a competitive and attractive trading destination.

According to the World Bank, the combined annual GDP of ASEAN, the GCC, and China amounted to US$23.70 trillion (US$1=RM4.23) in 2023, marking 22.3 percent of that year's total world GDP. ASEAN, the GCC, and China also make up a large market with a combined population of about 2.15 billion people.