Latest news with #Roknifard
The Star
08-07-2025
- Business
- The Star
Papua New Guinea's Asean bid faces a long road
KUALA LUMPUR: Papua New Guinea's bid to join Asean may be raised at the 58th Asean Foreign Ministers Meeting (AMM), but analysts expect a long and winding road ahead. They point to Timor-Leste's experience, which will finally be admitted in October as the 11th member nation of the regional grouping, due to the slew of political, legal and economic requirements it had to comply with. Julia Roknifard, senior lecturer at the School of Law and Governance, Taylor's University, said the island nation's bid to join the grouping could be a topic during the Asean-Australia dialogue. ALSO READ: Asean balancing act begins She said it was Timor-Leste's turn to accede this year, with matters still being assessed given the vast economic disparity between the country and the rest of Asean. 'So for Papua New Guinea, it will be a long way to accession.' Roknifard said discussions on facilitating Papua New Guinea's membership could centre on the possibility of setting up a commission, as was done during Timor-Leste's bid to join the regional grouping. More importantly, she said Papua New Guinea has 'to satisfy the geographical criteria', with the rest remaining at the discretion of Asean members. 'Papua New Guinea is rich in natural resources and can contribute to commodity exports of Asean. 'It is also home to a population of 10 million, which is a big consumer base,' she said. Political analyst Azmi Hassan said certain South-East Asian countries might not be interested in accepting Papua New Guinea as a full-fledged Asean member, given its proximity to Australia. 'Geographically, Papua New Guinea is not part of South-East Asia, so it will be difficult for them to be accepted wholeheartedly by Asean members.' Universiti Malaya International and Strategic Studies Department Assoc Prof Dr Khoo Ying Hooi also said the island nation's bid 'may not move fast'. 'There will be questions about whether it is ready institutionally, politically and economically to meet Asean standards. 'It is not just about wanting to join, as Asean will look at whether Papua New Guinea fits with the region's dynamics, and whether its inclusion will make consensus even harder to achieve, especially when we are already stuck on big issues like Myanmar,' she said, adding that Papua New Guinea is situated in Oceania and has closer ties within that region. 'While Papua New Guinea's application might be discussed or acknowledged, I don't see any real decision happening soon.' On Saturday, Indonesia's Foreign Ministry said Papua New Guinea's bid to join Asean will be discussed at the AMM in Kuala Lumpur. Indonesian President Prabowo Subianto expressed support for the move during the 46th Asean Summit held in Kuala Lumpur in May.
The Star
25-05-2025
- Business
- The Star
Asean-China-GCC ties seen to inject certainty into global economy
KUALA LUMPUR: Cooperation between the Association of Southeast Asian Nations (Asean), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. At the Asean-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by US tariffs. 'Golden triangle' Asean, a group of 10 Southeast Asian countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labor force, Asean has positioned itself as a major engine powering the global supply chain and industrial development. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 percent in 2024 to 4.2 percent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for Asean-GCC cooperation. "China has already had a transformative effect on Asean and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialization, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent US tariff policy. Visitors attend the 21st China-ASEAN Expo at Nanning International Convention and Exhibition Center in Nanning, South China's Guangxi Zhuang autonomous region, Sept 24, 2024. - Photo: Xinhua file Protecting global trade The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 percent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the US reciprocal tariffs "near-universal" and "not seen in a century". "The unprecedented imposition of tariffs by the US will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the US," Asean economic ministers said in a joint statement issued following a special virtual meeting held on April 10. US tariffs are also endangering $22 billion worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the US market, while the UAE could see disruptions to roughly $10 billion in US-bound re-exports, a result of US tariffs on goods originally produced in third countries. Facing trade disruption, China, Asean and GCC members - as part of the Global South, can jointly catalyse more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programmes depend. This will also benefit other countries and regions around the world," he added. Solid foundation Cooperation among China, Asean and GCC countries has witnessed fruitful results in recent years. In October 2023, the first Asean-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organisations, which forged ties in 1990. The Asean-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritise cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and Asean countries have fully completed negotiations on the Version 3.0 China-Asean Free Trade Area (Cafta), and will strive to formally sign the Cafta 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and Asean said at a special online meeting on Tuesday. "Over the past decade, economic ties between Asean and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming Asean-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergize their economic and industrial policies, and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said. - Xinhua
The Star
24-05-2025
- Business
- The Star
Xinhua Headlines: ASEAN-China-GCC cooperation to inject certainty into global economy
KUALA LUMPUR, May 24 (Xinhua) -- Cooperation between the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. At the ASEAN-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by U.S. tariffs. "GOLDEN TRIANGLE" ASEAN, a group of 10 Southeast Asian countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labor force, ASEAN has positioned itself as a major engine powering the global supply chain and industrial development. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 percent in 2024 to 4.2 percent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for ASEAN-GCC cooperation. "China has already had a transformative effect on ASEAN and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialization, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent U.S. tariff policy. PROTECTING GLOBAL TRADE The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 percent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the U.S. reciprocal tariffs "near-universal" and "not seen in a century." "The unprecedented imposition of tariffs by the U.S. will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the U.S.," ASEAN economic ministers said in a joint statement issued following a special virtual meeting held on April 10. U.S. tariffs are also endangering 22 billion U.S. dollars worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the U.S. market, while the UAE could see disruptions to roughly 10 billion dollars in U.S.-bound re-exports, a result of U.S. tariffs on goods originally produced in third countries. Facing trade disruption, China, ASEAN and GCC members -- as part of the Global South, can jointly catalyze more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programs depend. This will also benefit other countries and regions around the world," he added. SOLID FOUNDATION Cooperation among China, ASEAN and GCC countries has witnessed fruitful results in recent years. In October 2023, the first ASEAN-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organizations, which forged ties in 1990. The ASEAN-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritize cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), and will strive to formally sign the CAFTA 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and ASEAN said at a special online meeting on Tuesday. "Over the past decade, economic ties between ASEAN and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming ASEAN-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergize their economic and industrial policies, and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said.
Barnama
24-05-2025
- Business
- Barnama
ASEAN-China-GCC Cooperation to Inject Certainty into Global Economy
The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by US tariffs. At the ASEAN-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. KUALA LUMPUR, May 24 (Bernama-Xinhua) -- Cooperation between the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labour force, ASEAN has positioned itself as a major engine powering the global supply chain and industrial development. ASEAN, a group of 10 Southeast Asian countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for ASEAN-GCC cooperation. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 per cent in 2024 to 4.2 per cent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. "China has already had a transformative effect on ASEAN and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialisation, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent US tariff policy. PROTECTING GLOBAL TRADE The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 per cent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the US reciprocal tariffs "near-universal" and "not seen in a century." "The unprecedented imposition of tariffs by the US will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the US," ASEAN economic ministers said in a joint statement issued following a special virtual meeting held on April 10. US tariffs are also endangering US$22 billion worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the US market, while the UAE could see disruptions to roughly US$10 billion in US-bound re-exports, a result of US tariffs on goods originally produced in third countries. Facing trade disruption, China, ASEAN and GCC members -- as part of the Global South, can jointly catalyse more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programmes depend. This will also benefit other countries and regions around the world," he added. SOLID FOUNDATION Cooperation among China, ASEAN and GCC countries has witnessed fruitful results in recent years. In October 2023, the first ASEAN-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organisations, which forged ties in 1990. The ASEAN-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritise cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA) and will strive to formally sign the CAFTA 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and ASEAN said at a special online meeting on Tuesday. "Over the past decade, economic ties between ASEAN and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming ASEAN-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergise their economic and industrial policies and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said. -- BERNAMA-XINHUA BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; BERNAMA TV on Astro 502, unifi TV 631 and MYTV 121 channels and BERNAMA Radio on FM93.9 (Klang Valley), FM107.5 (Johor Bahru), FM107.9 (Kota Kinabalu) and FM100.9 (Kuching) frequencies. Follow us on social media : Facebook : @bernamaofficial, @bernamatv, @bernamaradio Twitter : @ @BernamaTV, @bernamaradio Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial TikTok : @bernamaofficial
Malaysia Sun
24-05-2025
- Business
- Malaysia Sun
Xinhua Headlines: ASEAN-China-GCC cooperation to inject certainty into global economy
* ASEAN, China and GCC are expected to deepen practical cooperation in various fields at the incoming ASEAN-China-GCC Summit. * The trilateral event comes amid heightened uncertainty in world economy. * In recent years, cooperation among China, ASEAN and GCC countries has witnessed fruitful results. KUALA LUMPUR, May 24 (Xinhua) -- Cooperation between the Association of Southeast Asian Nations (ASEAN), China and the Gulf Cooperation Council (GCC) countries will unlock immense potential for multilateral cooperation across sectors and inject stability into the world economy, analysts said ahead of an inaugural joint summit for the three parties. At the ASEAN-China-GCC Summit, to be held in the Malaysian capital next week, the three parties are expected to deepen practical cooperation in various fields, such as trade, investment and supply chain, creating new opportunities in clean and renewable energy, digital economy, electric vehicles, financial markets and infrastructure development among other areas. The trilateral gathering of the leaders of 17 countries also marks an innovative step in cross-regional South-South cooperation among complementary economies to ride out trade disruptions caused by U.S. tariffs. "GOLDEN TRIANGLE" ASEAN, a group of 10 Southeast Asian countries - Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, is the fifth-largest economy after the United States, China, the EU and Japan. With a large, youthful population driving digital transformation, abundant natural resources, and a skilled labor force, ASEAN has positioned itself as a major engine powering the global supply chain and industrial development. The GCC economies, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), are expected to double its economic growth rate from 2.1 percent in 2024 to 4.2 percent in 2025, the First Abu Dhabi Bank, the largest bank in the UAE, said in a report released in February. According to the report, the GCC's economic resilience will be supported by strategic investments, diversification and robust expansion in the non-oil sector, as the Middle East undergoes a shift from a major oil exporter to a global green energy hub. Julia Roknifard, a senior lecturer at Taylor's University in Malaysia, said China is an anchor for ASEAN-GCC cooperation. "China has already had a transformative effect on ASEAN and the wider Middle East, including GCC states, through its various infrastructure, trade and development initiatives, particularly through the Belt and Road Initiative guided by the Global Development Initiative," she said. "But the relationship goes deeper than that, as China is increasingly engaged in technology sharing and shared industrialization, besides tourism, cultural exchange and longstanding people-to-people relationships," Roknifard added. The expert called the trilateral cooperation platform a "Golden Triangle" of resources, manufacturing and consumers, which will continue to power the global economy despite severe trade disruptions due to recent U.S. tariff policy. PROTECTING GLOBAL TRADE The trilateral event comes amid heightened uncertainty in world economy. In its April World Economic Outlook (WEO), the IMF downgraded its global growth forecast for 2025 to 2.8 percent, a hefty 0.5 percentage points decrease from its January estimate. "Since the release of the January WEO Update, a series of new tariff measures by the United States and countermeasures by trading partners have been announced and implemented," the report said, calling the U.S. reciprocal tariffs "near-universal" and "not seen in a century." "The unprecedented imposition of tariffs by the U.S. will disrupt regional and global trade and investment flows, as well as supply chains, affecting businesses and consumers worldwide, including those of the U.S.," ASEAN economic ministers said in a joint statement issued following a special virtual meeting held on April 10. U.S. tariffs are also endangering 22 billion U.S. dollars worth of non-oil exports of GCC economies, according to a recent policy brief by the Economic and Social Commission for Western Asia. The UN agency said Bahrain is flagged due to its heavy dependence on aluminum and chemical exports to the U.S. market, while the UAE could see disruptions to roughly 10 billion dollars in U.S.-bound re-exports, a result of U.S. tariffs on goods originally produced in third countries. Facing trade disruption, China, ASEAN and GCC members -- as part of the Global South, can jointly catalyze more cooperation across other Global South countries by inspiring similar initiatives, said Bunn Nagara, director and senior fellow at the Belt and Road Initiative Caucus for Asia-Pacific (BRICAP), an independent non-governmental think tank based in Kuala Lumpur. "Our success in cooperation is also a success for the Global South," the expert said. "Countries in Africa and Latin America share our aspirations." "Part of our interests lies in protecting global trade, on which our respective national development programs depend. This will also benefit other countries and regions around the world," he added. SOLID FOUNDATION Cooperation among China, ASEAN and GCC countries has witnessed fruitful results in recent years. In October 2023, the first ASEAN-GCC summit was held in the Saudi capital of Riyadh, marking a significant milestone in the relations between the two regional organizations, which forged ties in 1990. The ASEAN-GCC Framework of Cooperation (2024-2028) was presented at the conclusion of the summit, which outlines measures and cooperation activities in such sectors as security, trade and investment, cultural exchanges and tourism. In December 2022, the first China-GCC summit was held in Riyadh. China pledged to work with GCC countries to prioritize cooperation in energy, finance and investment, innovation, science and technology, aerospace, as well as language and cultural fields. China and GCC countries are natural partners of cooperation with strong economic complementarities, Chinese leaders have said, as China has a vast consumer market and a complete industrial system, while the GCC, with rich energy resources, is embracing diversified economic development. Meanwhile, China and ASEAN countries have fully completed negotiations on the Version 3.0 China-ASEAN Free Trade Area (CAFTA), and will strive to formally sign the CAFTA 3.0 upgrade protocol before the end of this year, economic and trade ministers from China and ASEAN said at a special online meeting on Tuesday. "Over the past decade, economic ties between ASEAN and China have strengthened significantly, bolstered by shared participation in regional production networks and the rapid economic growth of both sides," Abdul Mui'zz Morhalim, chief economist at MIDF Amanah Investment Bank, told Xinhua. The upcoming ASEAN-China-GCC summit is expected to establish an important mechanism for trilateral cooperation across the board. The three sides will be able to synergize their economic and industrial policies, and have the potential to upgrade their cooperation in many fields, including clean energy and the digital economy, analysts said.
