Malaysia: ASEAN Ready To Explore Free Trade Deal With GCC

(MENAFN- Kuwait News Agency (KUNA)) KUALA LUMPUR, Sept 23 (KUNA) -- Malaysia said Tuesday that the Association of Southeast Asian Nations (ASEAN) is ready to explore a free trade agreement with the Gulf Cooperation Council (GCC), following a joint economic cooperation announcement issued at the bloc's 46th summit in May.
Malaysia's Investment, Trade and Industry Minister Tengku Zafrul Aziz told the 57th ASEAN Economic Ministers' meeting in Kuala Lumpur that the joint statement identified finance, food security, and energy as priority sectors.
ASEAN remains open to all partners, East and West, to diversify markets for goods and services and strengthen its role in global trade, he mentioned.
The Regional Comprehensive Economic Partnership (RCEP), now in force, has created the world's largest free-trade area, covering about 30 percent of global Gross Domestic Product (GDP) with ASEAN at its core, he noted.
He reiterated ASEAN's commitment to a rules-based multilateral trading system led by the World Trade Organization (WTO), and to advancing free, fair and non-discriminatory trade while managing risks from major-economy volatility.
ASEAN has agreed to update its Trade in Goods Agreement to cut tariff and non-tariff barrier, and aims to finish a Digital Economy Agreement by the end of 2025 to standardize digital rules and support e-commerce and cross-border payments, he said.
As the rotating chair, Malaysia put forward 18 priority economic steps focusing on easier trade within ASEAN, green growth, stronger trade deals, and regional digital frameworks.
Aziz urged member states to complete these steps this year and welcomed Timor-Leste's participation as it moves toward future membership.
Founded in 1967, ASEAN includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam, and has a population of over 680 million and a combined GDP of about USD 3.4 trillion. (end)
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