Malaysia Strategically Positioned To Drive Cross-regional Trade, Enhance Supply Chains With ASEAN-GCC-China Economic Scale

KUALA LUMPUR, May 26 (Bernama) -- Malaysia is in a strategic position to drive cross-regional trade, strengthen regional supply chains, and advance sustainable infrastructure development, taking into account the enormous combined economic scale of ASEAN, the Gulf Cooperation Council (GCC), and China. 

The Prime Minister’s senior press secretary Tunku Nashrul Abaidah said that the combined economy of ASEAN, the GCC, and China has now reached nearly US$25 trillion (US$1=RM4.21), with a population of over two billion people.

Speaking during the Prime Minister’s Office (PMO) daily briefing which was streamed live on Facebook today, he said that accordingly, the trilateral summit between the three parties, which will take place tomorrow, will outline new strategies in trade, investment, development, sustainable infrastructure, and regional digitalisation.

“The trilateral summit between ASEAN, the GCC, and China is a new initiative by Malaysia as ASEAN chairman, aimed at strengthening trilateral economic cooperation among ASEAN, the GCC, and China.

“ASEAN is currently the world’s fifth-largest economy with a gross domestic product (GDP) of US$3.8 trillion, while China remains ASEAN’s largest trading partner, with bilateral trade totalling US$696.7 billion,” he said.

Among the top leaders expected to attend the inaugural trilateral summit are Chinese Premier Li Qiang; Member of the Supreme Council of the United Arab Emirates (UAE) and Ruler of Ras Al Khaimah (RAK), Sheikh Saud bin Saqr Al Qasimi; and the Crown Prince of Kuwait, Sheikh Sabah Khaled Al-Hamad Al-Sabah.

The trilateral summit is one of the events scheduled in conjunction with the 46th ASEAN Summit.

-- BERNAMA