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

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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

    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.

    Asean BusinessAseanGulf Cooperation CouncilGulf statesfree trade agreementsTradeDiplomacy

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