KUALA LUMPUR: Member states of the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN) have adopted a joint declaration aimed at strengthening economic cooperation by deepening partnerships and connectivity between the two regions.
The joint declaration issued after the 2nd GCC–ASEAN Summit has highlighted the potential of a future GCC–ASEAN Free Trade Agreement (FTA) and other possible approaches to enhance economic relations, including sectoral cooperation in areas of mutual interest such as Islamic finance, halal food and beverages, and tourism, the Saudi Press Agency reported on Thursday.
Saudi Foreign Minister Prince Faisal bin Farhan led the Kingdom’s delegation at the summit.
The joint declaration also referenced the first GCC–ASEAN Summit, held in Riyadh on October 20, 2023, where both sides agreed to explore key areas of economic collaboration, including regional market integration, sustainability and decarbonization, digital transformation and inclusion—particularly support for micro, small, and medium-sized enterprises (MSMEs)—public-private partnerships, and people-to-people ties.
The two sides endorsed the ASEAN–GCC Framework of Cooperation (2024–2028), which outlines a comprehensive set of joint actions across political-security, economic, and socio-cultural areas to fully realize the potential of their partnership.
They underscored the importance of deepening region-to-region integration and building a strong economic alliance to address global challenges.
Key priorities include enhancing trade and investment flows, creating a business-friendly environment, and generating mutually beneficial investment opportunities.
The declaration included a commitment to launch a joint feasibility study and initiate discussions on a potential ASEAN–GCC Free Trade Agreement (FTA).
It also highlighted plans to strengthen cooperation in the digital economy, including artificial intelligence (AI), digital innovation, data governance, smart cities, and 5G technologies.
In addition, both sides agreed to expand collaboration in vital sectors such as agriculture, food security, energy (both conventional and renewable), healthcare, manufacturing, and Islamic financial services.
Public-private partnerships and business-to-business ties will be encouraged through trade missions, matchmaking events, and an improved understanding of regulatory frameworks.
The declaration also emphasised greater inclusion of the private sector, particularly women, youth, and underserved communities, in economic activities through capacity-building initiatives and support for entrepreneurship.
It further supported the sharing of expertise in geographic information systems (GIS), AI, and intelligent transport systems, as well as exploring the potential of enhanced rail and road connectivity between the GCC and ASEAN regions.
Both sides also pledged to support investment exchanges in key priority sectors, including energy, technology, logistics, and tourism.
They acknowledged the increasing influence of sovereign wealth funds and encouraged greater collaboration and partnerships between these funds across both regions.
