Riyadh: The member states of the Gulf Cooperation Council (GCC) and the Association of Southeast Asian Nations (ASEAN), convening at their second summit today, affirmed their shared commitment to advancing economic cooperation by deepening partnerships and connectivity between the two regions, with a focus on diversifying supply chains.
According to Saudi Press Agency, the joint declaration 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 declaration 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 two sides endorsed the ASEAN-GCC Framework of Cooperation (2024-2028), which outlines a series of joint actions across political-security, economic, and socio-cultural pillars aimed at realizing the full potential of their partnership.
They emphasized the importance of promoting region-to-region integration and building a robust economic partnership to address global challenges by boosting trade and investment flows, fostering a favorable business environment, and creating mutually beneficial investment opportunities.
The declaration included commitments to conduct a joint feasibility study and initiate discussions on a potential ASEAN-GCC FTA; enhance digital economy cooperation in areas such as AI, digital innovation, data governance, smart cities, and 5G technologies; and strengthen collaboration in key sectors including agriculture, food security, energy (conventional and renewable), healthcare, manufacturing, and Islamic financial services.
It also covered the encouragement of public-private engagement and business-to-business relations through trade missions, matchmaking events, and mutual understanding of regulatory frameworks. The declaration emphasized promoting greater participation of the private sector-particularly women, youth, and underserved groups-in economic cooperation through capacity-building and entrepreneurship support. Additionally, it supported the exchange of experience in GIS, AI, and intelligent transport systems, and the exploration of potential benefits of rail and road connectivity between GCC and ASEAN nations. The two sides also committed to supporting investment exchanges in high-priority sectors such as energy, technology, logistics, and tourism, and recognized the growing role of sovereign wealth funds while encouraging partnerships between such funds in both regions.
The two sides concluded by reaffirming their aspiration for a more integrated and prosperous future, leveraging economic ties to achieve sustainable growth for the benefit of their peoples.