Prime Minister: ASEAN - GCC - China opens up historic opportunities to create a new strategic cooperation space

The leaders shared about the long-standing and close relationship and connection between the three regions of ASEAN, GCC and China, from the ancient Silk Road, to the vibrant maritime routes in Southeast Asia, to the modern trade corridors today. In the context of the world experiencing increasingly complex fluctuations, this Summit demonstrated the importance of multilateral cooperation, promoting strategic frameworks based on mutual respect and understanding, opening up a wider development space for ASEAN, GCC and China.

Leaders of the countries believe that ASEAN, GCC and China can promote the strengths of the three economies with a total GDP of 24.87 trillion USD, a population of about 2.15 billion people, many complementary features and great potential for cooperation, contributing to the prosperity and development of each region, as well as Asia and the world.

Accordingly, the countries affirmed their commitment to promoting trade, investment, finance, supply chain connectivity, expanding market access for ASEAN countries, GCC and China, promoting cooperation in new areas such as digital technology, artificial intelligence, renewable energy; enhancing cultural exchange, educational cooperation and tourism development, and at the same time, initiating new initiatives to enhance understanding and connection between people in the regions.

The conference spent time discussing international and regional issues, sharing concerns about the complicated developments in the Gaza Strip, affirming support for the peace process, the establishment of an independent Palestinian state and a two-state solution in accordance with international law and relevant resolutions of the United Nations Security Council. The conference also affirmed the importance of peacefully resolving disputes on the basis of international law, ensuring maritime security, promoting the value of dialogue, cooperation, and building trust.

Creating a new space for inter-regional strategic cooperation

Speaking at the conference, Prime Minister Pham Minh Chinh welcomed the exchange and increased coordination between the world's three leading economic drivers, ASEAN, GCC, and China, opening up a historic opportunity to create a new inter-regional strategic cooperation space for a prosperous, inclusive, and sustainable future for all of us.

The Prime Minister emphasized the need to focus on trade cooperation, investment and supply chain linkages, and not politicize science-technology, investment and development. Accordingly,The Prime Minister suggested making effective use of existing frameworks such as the ASEAN-China Free Trade Agreement, promoting the signing of the ASEAN-GCC Free Trade Agreement, and at the same time, studying and promoting inter-regional connectivity into a comprehensive trilateral economic cooperation mechanism, including the possibility of building an ASEAN-GCC-China Free Trade Agreement. Countries need to work together to create a more open business environment, a more open market, and more transparent and stable investment policies, creating a foundation for tripartite enterprises to reach further in the supply chains of goods, services and investment flows.

The Prime Minister suggested giving high priority to strategic and breakthrough areas. With ASEAN finalizing the ASEAN Digital Economy Framework Agreement, the Prime Minister stressed that this is a "golden time" to jointly build a connected, safe and sustainable digital space. The Prime Minister also suggested promoting the connection of the ASEAN Power Grid, developing and sharing green technology, renewable energy, green hydrogen, developing sustainable agriculture and food systems, including smart agriculture, circular agriculture, ecological agriculture, stable and sustainable food supply chains, including the Halal food industry.

Affirming that capital flow is the lifeblood for strong, continuous and sustainable economic development, the Prime Minister proposed to strengthen the connection between financial centers of the three regions; accordingly, he proposed a strong financial connection network between major centers of the region such as Ho Chi Minh City, Kuala Lumpur, Singapore, Bangkok, Shanghai, Dubai, Riyadh, etc., forming a seamless inter-regional financial ecosystem, creating a launching pad for cooperation between the three regions to break through in the future.

The Prime Minister believes that the above orientations will create the premise for strong development in other fields such as tourism, cultural exchange, and connection between human civilizations in the three regions, laying a solid foundation for a future of deep, comprehensive, and long-term cooperation between ASEAN, China, and the GCC.

The Prime Minister affirmed that Vietnam is committed to continuing to promote its role as a reliable bridge and responsible partner, ready to accompany and contribute to peace, stability and common prosperity for all people and countries of ASEAN, GCC and China./.