VINACHEM

The Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) should form a new-generation inter-regional cooperation model to leverage their complementary strengths and establish a foundation for sustainable development cooperation.

Vietnamese Prime Minister Pham Minh Chinh made the proposal at the second ASEAN-Gulf Cooperation Council (GCC) Summit as part of the 46th ASEAN Summit and related meetings held in Kuala Lumpur, Malaysia, on May 27.

In his remarks at the summit, Chinh highly appreciated the cooperation potential between ASEAN and GCC, noting that both regions possess distinct and complementary strengths, as well as shared visions for development. According to the PM, ASEAN stands out for its high growth rate, young population, large market, and strong adaptability to transformation, while the GCC is a global energy hub, endowed with abundant financial resources and advantages in technology and green development experience.

The PM called on ASEAN and the GCC to enhance strategic connectivity and promote practical cooperation, aiming for sustainable and inclusive development, with people and businesses at the centre.

He proposed that both sides promptly establish a flexible, short-term implementable economic cooperation agreement to promote market access, and supply chain connectivity, support two-way investment, and create a substantive framework for mutual support, while ASEAN and the GCC continue conducting a feasibility study for a comprehensive free trade agreement (FTA).

The Vietnamese leader also encouraged the active engagement of the private sector, particularly investment funds from the GCC in ASEAN, and called for the strengthened role of the ASEAN Business Council and GCC business associations in fostering a transparent, open, and favourable investment and business environment to promote capital flows, technology transfer, and innovation.

In addition, the PM proposed that green growth and sustainable development become new pillars of cooperation for the future of the peoples of both regions, with a focus on digital transformation, green transition, the circular economy, scientific and technological applications, sustainable infrastructure development, smart cities, smart agriculture, the Halal food market, energy security, and food security.

Vietnam is ready to work with other countries to enhance concrete cooperation in areas such as the development of 5G digital infrastructure, artificial intelligence (AI), undersea cable systems; the production of green hydrogen, solar energy, and smart energy storage, as well as the building of high-quality Halal supply chains; while facilitating labour mobility and working conditions, to meet market demands and enhance economic resilience, said the PM.

During the gathering, leaders of the participating countries emphasised the importance of ASEAN-GCC cooperation, recognising both organidations as key players and a model of inter-regional relations based on the values of dialogue, cooperation, and mutual respect, especially in a rapidly changing global landscape. They vowed to effectively implement and translate joint commitments into concrete cooperation programmes outlined in the 2024 - 2028 ASEAN-GCC Cooperation Framework.

In this spirit, the leaders agreed to deepen economic cooperation based on a shared development vision, mutual benefits, and complementary strengths, while leveraging the vast economic potential of both regions, which together represent a population of over 700 million and account for a significant portion of global GDP.

The leaders welcomed the ongoing feasibility study on an ASEAN-GCC free trade agreement, seeing it as a strategic step toward establishing a solid foundation for long-term economic integration.  – Source: VOV