XINHUA:
Cooperation between the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties.
At the ASEAN-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas.
The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by U.S. tariffs.
ASEAN, a group of 10 Southeast Asian countries – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan.
With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labor force, ASEAN has positioned itself as a major engine powering the global supply chain and industrial development.
The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 percent in 2024 to 4.2 percent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February.
According to the report, the GCC’s economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub.
Julia Roknifard, a senior lecturer at Taylor’s University in Malaysia, said China is an anchor for ASEAN-GCC cooperation.
