Member states of the Association of Southeast Asian Nations (ASEAN) and the Gulf Cooperation Council (GCC) adopted a Joint Declaration on Economic Cooperation at the second ASEAN–GCC Summit,  recently held in Kuala Lumpur on the sideline of the 47th ASEAN Summit. The declaration outlines key areas for deepening collaboration between the two regional groupings, particularly in trade, investment, and sectoral cooperation.

The declaration builds on the outcomes of the first ASEAN–GCC Summit in Riyadh in October 2023 and the ASEAN–GCC Framework of Cooperation (2024–2028), where both sides intended to maximise the potential of ASEAN–GCC collaboration and provide direction for future joint initiatives,   exploring cooperation in priority areas including regional market integration, sustainability, decarbonisation, digital transformation, and support for micro, small, and medium-sized enterprises (MSMEs).

In 2023, the GCC was ASEAN’s seventh-largest trading partner, with total trade valued at USD 130.7 billion. The GCC was also the sixteenth-largest source of foreign direct investment (FDI) into ASEAN, with FDI inflows reaching USD 390.2 million. Trade between the two sides is expected to grow by 30 percent, reaching USD 180 billion by 2032.

Based on that growth trajectory, both sides expressed the intention to strengthen regional economic integration and address global challenges by facilitating trade and investment through sectoral cooperation and a joint feasibility study on ASEAN–GCC Free Trade Agreement (FTA).

Priority areas include digital economy, agriculture and food security, hydrocarbons, green energy, health care, manufacturing, cultural tourism, standardization, sustainable infrastructure development, financial technology and services, such as in Islamic financial services, and halal products and services.

Additionally, both sides also agrees on information-sharing in smart transport systems, artificial intelligence, and geographic information systems, while also exploring connectivity projects between GCC and ASEAN countries, particularly in land transport. The declaration calls for increased public-private engagement and encourages stronger business-to-business ties, especially MSMEs, using physical and virtual platforms such as trade missions and matchmaking events.

The adoption of the declaration reflects a shared interest in strengthening ASEAN–GCC economic relations and supporting sustainable growth across both regions.