Kuala Lumpur: A regional association of Southeast Asian nations held a three-way summit Tuesday with China and six Persian Gulf countries in efforts to expand economic engagement and bolster resilience as they grapple with a volatile global trading system due to US tariff hikes.
Malaysian Prime Minister Anwar Ibrahim, in his opening remarks, said the inaugural summit in Malaysia’s capital Kuala Lumpur would open up a new chapter of dialogue and cooperation.
The 10-member Association of Southeast Asian Nations, the GCC and China collectively has a combined GDP of nearly $25 billion and a market of over 2 billion people, offering vast opportunities to synergize their markets and promote cross-regional investment, he said. “I am confident that ASEAN, the GCC, and China can draw upon our unique attributes and shape a future that is more connected, more resilient, and more prosperous,” he told the summit, attended by Chinese Premier Li Qiang.
Li said the three-way cooperation would benefit all sides, contributing to economic development and peace in the region. China is ASEAN’s top trading partner,
and has sought to present itself as a reliable ally to the region amid its rivalry with the U.S.. The GCC supplies over a third of China’s crude oil imports.
“China will join ASEAN and the GCC in forging synergies that multiply rather than simply at our own strength,” he said. Malaysia is the current chair of ASEAN, which also includes Brunei, Cambodia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam. Earlier Tuesday, Anwar told a separate ASEAN-GCC forum that partnership between the two blocs would be key to navigate an increasingly complex world due to economic uncertainty and geopolitical challenges.
Kuwait’s Crown Prince Sheikh Sabah Khalid Al Sabah said the two blocs, which held their first summit in Riyadh in 2023, would build on their momentum to deepen cooperation and “improve our ability to face crisis.”
He said the GCC is ASEAN’s seventh largest trade partner, with total trade reaching $130.7 billion in 2023.
The GCC comprises the oil-producing nations of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.