Abu Dhabi Investment Office, Emirates Family Office Association sign agreement Dubai Chambers, China Machinery Industry Federation strengthen cooperation Dubai Chamber of Commerce, Ministry of Foreign Trade highlight role of CEPAs in boosting service exports UAE, Chad discuss ways to strengthen cooperation in financial sector Oil giant Saudi Aramco in talks with Commonwealth LNG for offtake agreement, sources say Saudi food delivery firm Jahez to acquire 76% stake in Qatar’s Snoonu for $245mln Saudi Arabia sees 51% surge in blockchain business registrations by Q2 2025 Kuwait-Saudi tax law takes effect, prevents double taxation Oman: MoHT plans to develop Al Jabal Al Sharqi site GCC states gear up for unified tourist visa Kuwait expected to award sustainable consultancy contract for power and water project in Q4 Dubai aims to beat the traffic with 2026 Joby air taxi liftoff Oman: CAA records $272mln in 2024 revenue, highlights global safety rankings UAE, Iraqi Presidents discuss bilateral relations, regional developments in phone call Qatar: Real estate shows steady growth in Q1 Etihad gears up to welcome over 7m passengers this summer UAE: Islamic Treasury Sukuk auction attracts bids worth $1.7bln Saudi Global Ports wins contract to operate Eastern Coast terminals FAB becomes MENA’s first lender to join CIPS as direct participant Unveiled: Burj Khalifa/Dubai Mall Metro Station to undergo major expansion, boost capacity by 65% Qatar’s banking credit facilities see 3% rise in Q1 Saudi Arabia, Panama sign air services agreement DMCC signs deal with aqua-index to support first water-backed digital token UAE's ADNOC boosts US investments, says AI once-in-a generation investment opportunity Qatar attracts over $2.7bln foreign direct investment in 2024 UAE developer Binghatti launches asset management firm targeting $1bln Abu Dhabi hospitality sector posts robust growth; revenue hits $166mln UAE's Khazna, NVIDIA partner to build AI-capable mega data centres across MEA Omani firm eyes drone-based cargo deliveries before year-end ADNOC Gas awards $5bln in contracts for first phase of its Rich Gas Development Project

Log in

عربي

Media Centre

Home » Media Centre

Saudi FM emphasises vast potential of GCC-ASEAN partnership and need to remove trade barriers

Saudi FM emphasises vast potential of GCC-ASEAN partnership and need to remove trade barriers

Saudi FM emphasises vast potential of GCC-ASEAN partnership and need to remove trade barriers

May 28, 2025

KUALA LUMPUR — Minister of Foreign Affairs Prince Faisal bin Farhan highlighted the vast potential of partnership between the countries of the Gulf Cooperation Council (GCC) and the Association of South East Asian Nations (ASEAN). He also emphasized the importance of intensifying efforts to facilitate trade and remove any barriers.

Prince Faisal made the remarks while addressing the second summit between the Gulf Cooperation Council (GCC) countries and the Association of Southeast Asian Nations (ASEAN), held in the Malaysian capital Kuala Lumpur on Tuesday. On behalf of Crown Prince and Prime Minister Mohammed bin Salman, Minister of Foreign Affairs Prince Faisal bin Farhan led the Saudi delegation to the summit.

“The economic relations between our countries offer promising opportunities in vital sectors, including finance, agriculture and halal food industries, and green and renewable energy. The two groups have achieved notable progress in trade exchange, which grew by 21 percent from 2023 to 2024, reaching a trade volume of approximately $123 billion in 2024. This reflects the vast potential of our partnership and highlights the importance of intensifying efforts to facilitate trade and remove any barriers,” he said.

In his speech, Prince Faisal referred to the Economic and Investment Conference organized by the Saudi Ministry of Investment in Riyadh on May 28, 2024, describing it as an exceptional platform for exchanging investment opportunities and building bridges of communication between the private sectors of both regions. He also expressed hope for increased private sector participation to help realize shared goals.

Prince Faisal highlighted the strong foundations laid by the first summit hosted by Saudi Arabia in Riyadh in 2023, and the ambitious partnership between the two groups. He emphasized the importance of strengthening mutual commitment, exploring economic partnership priorities, deepening regional market integration and sustainability, advancing digital transformation, enhancing public-private sector engagement, and fostering people-to-people relations.

He also praised the second summit held in Malaysia for building on previous achievements and working to further develop the partnership in ways that serve the interests and aspirations of both regions’ peoples, and achieve sustainable development and regional stability.

Prince Faisal pointed out that the second summit is being held amid numerous global challenges, including the consequences of climate change, energy market volatility, and the urgent need to enhance food and water security. He recalled the joint commitment made during the first summit in Riyadh in 2023 to address these challenges collectively.

The Saudi minister reaffirmed the Kingdom’s commitment to a just and comprehensive solution that ensures the establishment of an independent Palestinian state with East Jerusalem as its capital, in accordance with the two-state solution and relevant international resolutions. He also called for intensified international efforts to promote peace, support humanitarian relief in Gaza, and enhance regional stability through a comprehensive approach to political and humanitarian tensions.

Prince Faisal also reiterated the Kingdom’s support for initiatives that enhance cooperation between the GCC and ASEAN countries, contributing to the realization of the peoples’ aspirations for a prosperous and sustainable future.