The Business Times
business-time-50
Asean Business logo
SPONSORED BYUOB logo
SUBSCRIBERS

After historic Riyadh summit, Asean and Gulf Cooperation Council eager to boost trade links

google-preferred-sourceAdd BT as a preferred source
Goh Ruoxue

Goh Ruoxue

Published Wed, Nov 15, 2023 · 05:00 AM
    • Asean leaders and their counterparts from the Gulf nations met for the first time at a summit in Saudi Arabia in October 2023.
    • Asean leaders and their counterparts from the Gulf nations met for the first time at a summit in Saudi Arabia in October 2023. PHOTO: MINISTRY OF COMMUNICATIONS AND INFORMATION

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    A MONTH after the Association of South-east Asian Nations (Asean) and the Gulf Cooperation Council (GCC) held their first-ever joint summit, relations between the two blocs are poised to grow, especially on the trade front.

    According to figures from think tank Asia House, Asean-Gulf trade reached US$138 billion last year – up from US$85.2 billion in 2021 and US$65.3 billion in 2020.

    Data from the International Monetary Fund shows that the United Arab Emirates (UAE) is Asean’s largest trading partner from the GCC. Meanwhile, Singapore is the GCC’s largest trading partner from South-east Asia.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    Asean BusinessAseanGulf Cooperation CouncilGulf statesfree trade agreementsTradeDiplomacy

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    In this economy, the smartest bets might no longer be sitting an ocean away, but are waiting right here at home.

    ‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival

    Sales have rebounded in March after the year-end lull and seasonal Chinese New Year pullback.

    Near sell-out launches in March boost developer sales to 1,300 units after four slow months

    US President Donald Trump (left) with Chinese President Xi Jinping at a bilateral meeting on the sidelines of the Apec summit in Busan last October.

    China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result

    Lim's pay package includes about S$3.6 million as salary and around S$3.9 million as bonus, indicates the company's annual report.

    Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More