During a summit of the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC), Malaysia's Prime Minister Anwar Ibrahim proposed the establishment of a free trade agreement (FTA) between the two blocs. He highlighted that such an FTA would be a pioneering initiative between ASEAN and the Gulf nations.
In his speech at the ASEAN-GCC Summit in Saudi Arabia, Prime Minister Anwar Ibrahim emphasized the significance of this agreement in promoting progressive, inclusive, and sustainable growth, especially in the aftermath of the COVID-19 pandemic and amid geopolitical uncertainties.
ASEAN, which comprises ten member nations and a population exceeding 600mn people, has long aimed to enhance economic integration by fostering trade, investment, and aligning standards and customs procedures, with their combined economies valued at $2.3 trillion.
Nevertheless, the process of establishing free trade agreements within ASEAN has been protracted, and some member countries, particularly those reliant on exports, have pursued independent agreements to enhance market access.
Notably, ASEAN is a participant in the Regional Comprehensive Economic Partnership (RCEP), which also includes China, Japan, South Korea, Australia, and New Zealand.
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