ASEAN is actively pursuing new economic partnerships with China and Arab Gulf states at the ongoing 46th Association of Southeast Asian Nations (ASEAN) Summit, which kicked off in Kuala Lumpur on Monday.
Alongside this, the 2nd ASEAN-Gulf Cooperation Council (GCC) Summit and the ASEAN-GCC-China Summit are also taking place in the city, emphasizing the region's collaborative ambitions.
Much of the summit's focus has been on addressing economic uncertainty triggered by U.S. trade policies, which could expose ASEAN member states to increased tariffs. In response, ASEAN is working to strengthen existing trade relationships, including through the recently upgraded China-ASEAN Free Trade Area (CAFTA).
On May 20, economic and trade ministers from China and ASEAN (the Association of Southeast Asian Nations) member states announced the full completion of Version 3.0 CAFTA negotiations. This enhanced agreement includes nine new chapters covering areas such as digital economy, green economy, supply chain connectivity, among others.
"This is a very significant development in terms of economic cooperation between ASEAN and China, particularly during this global uncertainty. This upgrade will provide enormous opportunities for companies and businesses to take advantage of doing business between the two sides," said Kao Kim Hourn, Secretary General of the ASEAN.
ASEAN is actively pursuing new economic partnerships to reduce its reliance on the United States and to mitigate the effects of global trade uncertainty. The first ever ASEAN-China-Gulf Cooperation Council (GCC) summit, held on Tuesday, is viewed as a significant step toward advancing that objective.
"I strongly believe in the fortitude and staying power of ASEAN to withstand the headwinds and weather the storms of the challenges and uncertainties facing us. To be able for us, together, to convene the first ever ASEAN-GCC-China Summit which demonstrates our reservoir of goodwill empowering us to deepen and expand our partnerships, and to act with strategic clarity," said Anwar Ibrahim, Malaysian Prime Minister.
Malaysia is the chair of ASEAN for 2025, and is hosting the ASEAN Summit and related summits under the theme "Inclusivity and Sustainability."
Established in 1967, ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
ASEAN deepens economic ties with China, Gulf States amid global trade uncertainty
