Anwar: Asean, GCC & China can drive trillions in growth together

New Straits Times

27-05-2025

KUALA LUMPUR: The combined Gross Domestic Product (GDP) of Asean, the Gulf Cooperation Council (GCC), and China — totalling USD$24.87 trillion (RM105.3 trillion) — presents vast opportunities to synergise markets, deepen innovation, and promote cross-regional investment.
Asean Chairman and Prime Minister Datuk Seri Anwar Ibrahim said that by strengthening cooperation, Asean, the GCC, and China could lay the foundation for stable, resilient, and sustainable growth.
"Asean, the GCC, and China collectively represent a combined GDP of USD$24.87 trillion and a population of some 2.15 billion. This collective scale offers significant opportunities to synergise our markets, enhance innovation, and foster cross-regional investment.
"By deepening collaboration in these areas, we can build the foundation for growth that is stable, resilient, and sustainable," he said in his opening remarks at the inaugural Asean-GCC-China Summit here today.
Anwar said that the total trade volume between the three parties reflected immense untapped potential.
"In 2023, Asean's GDP reached USD$3.8 trillion, making it the world's fifth-largest economy. That same year, total trade with the GCC stood at USD$130.7 billion, with foreign direct investment (FDI) inflows of USD$390.2 million.
"China, meanwhile, remained Asean's largest trading partner, with USD$696.7 billion in trade and USD$17.3 billion in FDI. These figures not only demonstrate robust existing linkages but also reveal considerable untapped potential," he said.
Anwar expressed hope that the summit would mark a new chapter in Asean's outward-facing engagement, exemplifying what could be achieved when nations collaborate with mutual respect and shared purpose.
While existing mechanisms are already well-established, he said this new format provided a platform to explore deeper collaboration and align collective strengths.
"Despite ongoing challenges, I remain confident that Asean, the GCC, and China can draw upon our unique attributes to shape a future that is more connected, more resilient, and more prosperous for generations to come.
"Asean has long shown that regionalism — anchored in consensus, mutual respect, and openness — can succeed. We have benefited from enduring partnerships with the GCC and China. Today, we have the opportunity to elevate these ties.
"With this spirit of optimism and shared commitment, I look forward to productive and meaningful discussions today," he added.
Anwar said that ties between Asean, the GCC, and China were historically rich and enduring, with longstanding connections through commerce, culture, and the exchange of ideas.
"We have Makkah and Madinah — centres for millions of pilgrims — and trade hubs such as Oman, which historically served as key links through the region and the GCC.
"Similarly, historic centres like Melaka exemplified this tradition, serving as strategic crossroads that linked East and West, demonstrating the power of openness, exchange, and strategic connectivity.
"Today, Asean carries that legacy forward on a much broader scale, emerging as a dynamic intersection of global commerce, innovation, and opportunity," he said.
He added that the summit's theme — 'Synergising Economic Opportunities Towards Shared Prosperity' — resonated strongly with Malaysia's Asean Chairmanship, which emphasises 'Inclusivity and Sustainability'.