Maiden ASEAN-GCC-China Summit Offers Opportunity To Deepen Economic Integration – Economist

KUALA LUMPUR, May 24 (Bernama) -- The upcoming ASEAN–Gulf Cooperation Council (GCC)–China Summit presents a crucial opportunity for deeper economic integration between the 10-member ASEAN bloc and major global powers such as China and the GCC countries, especially in a time of heightened global uncertainty, said an economist.

Established in Riyadh in 1981, the GCC comprises six member states -- Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Bahrain and Oman.

Dr Tan Chee Meng, Assistant Professor of Business Economics at the University of Nottingham Malaysia, said that the summit, which represents nearly a quarter of the world’s gross domestic product (GDP), can serve not only as a strategic platform for regional collaboration but also as a blueprint for broader global economic cooperation.

“This could be a working model that attracts other trading blocs to engage and collaborate more meaningfully in building a more interconnected and resilient global economy,” he told Bernama on the sidelines of the 46th ASEAN Summit and Related Meetings here.

As the ASEAN Chair for 2025, Malaysia will host the 46th ASEAN Summit, 2nd ASEAN-GCC Summit and inaugural ASEAN-GCC-China Summit at the Kuala Lumpur Convention Centre on May 26 and 27.

The ASEAN-GCC-China Summit, to be held on May 27 along with the ASEAN-GCC Summit, represents an important platform for expanded regional and inter-regional cooperation.

ASEAN’s neutral stance gives it the edge to attract other countries for constructive economic engagement.

“We need to see how we can actually work closely together to build mutual cooperation -- talk about shared prosperity and how do we actually hedge against uncertainty due to policies of the West,” said Tan.

He also emphasised the importance of economic collaboration in enhancing ASEAN’s position as a competitive and attractive trading destination.

According to the World Bank, the combined annual GDP of ASEAN, the GCC and China amounted to US$23.70 trillion (US$1=RM4.23) in 2023, marking 22.3 per cent of that year’s total world GDP.

ASEAN, the GCC and China also make up a large market with a combined population of about 2.15 billion people.

-- BERNAMA