ASEAN, GCC and China present vast collaborative potential with combined US$24.87 GDP trillion - PM

KUALA LUMPUR: ASEAN, the Gulf Cooperation Council (GCC) countries and China together represent a combined gross domestic product (GDP) of US$24.87 trillion (US$1=RM4.21) and a population of about 2.15 billion, offering vast opportunities to synergise markets, deepen innovation, and promote cross-regional investment, Prime Minister Datuk Seri Anwar Ibrahim said today.

AI Brief

ASEAN, GCC, and China held a historic summit to launch deeper economic cooperation.
ASEAN's economy hit US$3.8 trillion in 2023, with strong trade ties to both GCC (US$130.7B) and China (US$696.7B).
Leaders aim to build a more connected and prosperous future through mutual respect and shared goals.

"For the first time, ASEAN, the GCC, and China come together in this unique configuration - three partners, each rich in history, civilisation, culture, and shared aspirations, gather to open a new chapter of dialogue and cooperation," he said in his opening remarks at the inaugural ASEAN-GCC-China Summit themed "Synergising Economic Opportunities Towards Shared Prosperity."

Also present were Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, who is also the president of the current session of the Supreme Council of the GCC; China's Premier Li Qiang; Malaysia's Foreign Minister Datuk Seri Mohamad Hasan; and Malaysia's Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Aziz.

In 2023, ASEAN's GDP reached US$3.8 trillion, making it the world's fifth-largest economy.

That same year, total trade with the GCC stood at US$130.7 billion, with foreign direct investment (FDI) inflows of US$390.2 million.

China, meanwhile, remained ASEAN's largest trading partner with US$696.7 billion in trade and US$17.3 billion in FDI, which indicate immense existing linkages as well as substantial untapped potential.

"I hope this summit will stand as a new chapter in ASEAN's journey of outward-looking engagement, demonstrating what can be achieved when partners work together in mutual respect and shared purpose," said Anwar, who is also the Finance Minister.

He expressed confidence that ASEAN, the GCC, and China can draw upon respective unique attributes, and shape a future that is more connected, more resilient, and more prosperous for generations to come.

Among the ASEAN leaders attending today's events were the Sultan of Brunei Sultan Hassanal Bolkiah, Cambodia's Prime Minister Hun Manet, Lao Prime Minister Sonexay Siphandone, Vietnam's Prime Minister Pham Minh Chinh, Philippine President Ferdinand Marcos Jr, Singapore's Prime Minister Lawrence Wong, and Thai Prime Minister Paetongtarn Shinawatra.

Also attending were Timor-Leste's Prime Minister Kay Rala Xanana Gusmao as Observer, and ASEAN Secretary-General Dr Kao Kim Hourn.

-- BERNAMA