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

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.