Economic partnership agreement endorsed by ASEAN and GCC
The ASEAN and Gulf Cooperation Council (GCC) have agreed to bolster economic cooperation following their second summit held in Kuala Lumpur, Malaysia on Tuesday. Key documents endorsed at the meeting include the Joint Statement of the Second Summit of ASEAN and GCC, and the Joint Declaration on Economic Cooperation between the two regional bodies.
This declaration aims to promote stronger economic ties, primarily in areas of mutual interest for Thailand, which includes strengthening security, improving connectivity, and addressing climate change.
In her statement to the summit, Thai Prime Minister Paetongtarn Shinawatra outlined her "3Ps" approach to advancing cooperation: Prosperity, People, and Planet. In terms of prosperity, the Prime Minister stressed the importance of enhancing economic cooperation, particularly on trade and investment, to shield against uncertainties stemming from external factors like US trade and tariff policies. She further advocated for increased connections between businesses from both regions, particularly in halal industries, clean energy, food security, and MSMEs, and encouraged the continued establishment of the ASEAN-GCC Business Forum and feasibility studies for a potential free trade agreement (FTA) between ASEAN and the GCC.
Regarding people, the Prime Minister called for increased cooperation between the citizens of both regions in areas such as tourism, healthcare, and medicine. She proposed joint activities to stimulate tourism and cultural exchange. With regards to the environment, both regions face the brunt of climate change, necessitating joint efforts in pushing green agendas and transitioning to green economies. Thailand, willing to promote knowledge sharing and technological cooperation, proposed collaboration between the ASEAN Centre for Sustainable Development Studies and Dialogues in Bangkok and relevant GCC agencies to drive cooperation in areas such as green finance and energy transition.
The Prime Minister also expressed concern over the ongoing crisis in the Gaza Strip, urging all parties to facilitate ceasefire negotiations and hostage exchange agreements for humanitarian aid. She expressed Thailand's continued support for a two-state solution and thanked all parties for cooperating in the safe repatriation of Thai nationals earlier this year.
Paetongtarn reassured that ASEAN-GCC cooperation should be pursued in tangible and meaningful ways within existing frameworks. She emphasized the importance of translating intentions into action, sustaining leadership-level dialogues, and furthering engagement between public and private sectors to bring partnerships to fruition.
Notable sectors for collaboration under the declaration include agriculture and food security, digital economy, green energy, healthcare, manufacturing, cultural tourism, standardization, sustainable infrastructure development, financial technology and services (including Islamic finance), and halal products and services. The declaration also encourages enhanced engagement between the public and private sectors, as well as people-to-people cooperation in areas such as tourism, healthcare, and medicine.
- The declaration aims to stimulate growth in sectors such as agriculture, food security, digital economy, green energy, healthcare, and tourism, exploring potential connections between businesses from both regions.
- Paetongtarn encouraged the continued establishment of the ASEAN-GCC Business Forum and feasibility studies for a potential free trade agreement (FTA) between ASEAN and the GCC, specifically highlighting halal industries, clean energy, food security, and MSMEs.
- In terms of people, the Prime Minister advocated for increased cooperation between the citizens of both regions in areas such as tourism, healthcare, and medicine, proposing joint activities to stimulate tourism and cultural exchange.
- Recognizing the shared environmental challenges, Thailand proposed collaboration between the ASEAN Centre for Sustainable Development Studies and Dialogues in Bangkok and relevant GCC agencies to drive cooperation in areas such as green finance and energy transition.
- In her statement, Paetongtarn emphasized the importance of sustaining leadership-level dialogues and furthering engagement between public and private sectors to bring partnerships to fruition in various sectors, including financial technology and services (including Islamic finance), and halal products and services.
