Asean-GCC-China Summit pushes for integrated cooperation in trade, technology, and sustainability - Trade Treasury Payments

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Asean-GCC-China Summit pushes for integrated cooperation in trade, technology, and sustainability

Leaders from Southeast Asia, the Gulf Cooperation Council (GCC), and China have jointly committed to advancing economic, technological, and environmental cooperation following the first Asean-GCC-China Summit, held on 27 May in Kuala Lumpur.

The summit culminated in the three parties issuing a joint statement for regional alignment in trade integration and climate-conscious development. 

Notably, the statement endorsed the full conclusion of the Asean-China Free Trade Area (ACFTA) 3.0 upgrade negotiations and expressed support for early finalisation of the China-GCC Free Trade Agreement. Both are expected to enhance market access and increase economic resilience across member states.

With supply chain security now a central concern for many governments, the summit placed emphasis on developing resilient and sustainable industrial networks. Some of the other areas discussed included emerging technologies and climate-aligned business models, with digital trade, e-commerce, and artificial intelligence identified as priority fields for enhanced cooperation.

While the operational specifics remain under development, there is an intent to institutionalise cooperation between the three regions. The trilateral format will allow for advancing shared interests in trade, technology, and sustainability, without being tethered to any single model of global governance.

Deeper regional integration, grounded in existing multilateral structures but responsive to new economic realities, may be a key feature of the post-pandemic global order.