Thani Al Zeyoudi Emphasises Economic Collaboration At ASEAN-GCC-China Forum In Kuala Lumpur

The UAE, represented by Dr. Thani Al Zeyoudi, Minister for Foreign Trade, took part in the first ASEAN-GCC-China Economic Forum in Kuala Lumpur, Malaysia. Dr. Al Zeyoudi highlighted the potential for increased cooperation across Asia to boost growth and innovation, positioning the region as a significant global economic power. He emphasized the UAE's dedication to forging robust trade and investment partnerships worldwide, noting that Asia's forward-thinking nations are ideal collaborators.

Leaders and business figures from 17 countries convened in Malaysia to discuss strategies for navigating the current complex economic and geopolitical environment. Dr. Al Zeyoudi remarked that the Forum provided an opportunity for participating nations to align their economic goals for robust growth: "By deepening our connections and exploring avenues of mutual interest, the GCC, China and ASEAN bloc can not only maintain our own upward growth trajectories but become the driving force of the global economy. Our foreign trade policy has been designed to bring our economy closer to the markets of Asia and together we can increase the flow of goods and services between us, support vital infrastructure projects, share knowledge, and accelerate innovation. This forum has underlined the depth of this potential – and created the platform to help the nations of our high-growth regions realize it."

The UAE maintains strong trade relationships with various Asian countries, including those within ASEAN. The UAE has established Comprehensive Economic Partnership Agreements (CEPAs) with Indonesia, Cambodia, Vietnam, and Malaysia. These agreements have contributed to increasing the UAE’s non-oil foreign trade with ASEAN countries to US$37.7 billion in 2024. This marks a 4.2% rise compared to 2023 and a 16.8% increase from 2022.

ASEAN countries represented 4.6% of the UAE's total non-oil trade globally in 2024 and accounted for 11.3% of its trade with non-Arab Asian nations. The UAE also enjoys substantial trade ties with China, where non-oil trade reached US$90.1 billion in 2024. This reflects a growth of 4% from 2023 and increases of 16.5% and 48% compared to 2022 and 2021 respectively.

The Forum coincided with several significant summits: the inaugural ASEAN-GCC-China Summit, the second ASEAN-GCC Summit, and the 46th ASEAN Summit. It brought together leaders from China, ten ASEAN countries—Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam—and six Gulf Cooperation Council nations—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE.

These countries collectively host over two billion consumers and contribute more than 20% to global GDP. Such gatherings provide platforms for these nations to explore collaborative opportunities that can drive regional economic growth.

China remained a key trading partner for the UAE in 2024 by accounting for 11% of its total non-oil trade worldwide. The collaboration between these regions is crucial as they aim to enhance their economic influence on a global scale.

The discussions at this forum underscored how strategic partnerships can lead to shared prosperity by facilitating increased trade flows and supporting essential infrastructure projects across these high-growth regions.

With inputs from WAM