PM Chính proposes financial centre connectivity among ASEAN, Gulf nations and China
PM Phạm Minh Chính welcomed the fact that the world’s three leading economic engines — ASEAN, the GCC and China — are engaging in dialogue, strengthening coordination and opening up a historic opportunity to build a new inter-regional strategic cooperation space for a prosperous, inclusive and sustainable future for all countries.
Prime Minister Phạm Minh Chính proposed enhancing financial centre connectivity among ASEAN countries, the Gulf Cooperation Council (GCC) and China at the ASEAN-GCC-China Summit in Kuala Lumpur on Tuesday.
He suggested establishing a robust financial connectivity network linking major regional centres such as HCM City, Kuala Lumpur, Singapore, Bangkok, Shanghai, Dubai and Riyadh, creating a seamless inter-regional financial ecosystem that could serve as a launchpad for breakthrough cooperation between ASEAN, the GCC and China.
At the summit, themed 'Synergising Economic Opportunities Towards Shared Prosperity', PM Chính welcomed the fact that the world’s three leading economic engines — ASEAN, the GCC and China — are engaging in dialogue, strengthening coordination and opening up a historic opportunity to build a new inter-regional strategic cooperation space for a prosperous, inclusive and sustainable future for all countries.
He highlighted the need to focus on cooperation in trade, investment and supply chain connectivity and to avoid politicising science and technology, investment and development.
He proposed effectively leveraging existing frameworks such as the ASEAN-China Free Trade Agreement, promoting the signing of the ASEAN-GCC Free Trade Agreement and studying the possibility of developing inter-regional connectivity into a comprehensive trilateral economic cooperation mechanism, including the potential formation of an ASEAN-GCC-China Free Trade Agreement.
The Vietnamese leader called for high priority to be given to strategic and breakthrough sectors.
With ASEAN finalising its Digital Economy Framework Agreement, he stressed that this was a “golden moment” to build a connected, secure and sustainable digital space.
Reaffirming that capital flow is the lifeblood of strong, continuous and sustainable economic development, the PM expressed his belief that these directions would lay the foundation for strong development in other fields such as tourism, cultural exchange and connections among the civilisations of the three regions, setting a solid groundwork for deep, comprehensive and long-term cooperation among ASEAN, the GCC and China.
He affirmed that Việt Nam was committed to continuing its role as a reliable bridge and a responsible partner, and was ready to accompany and contribute to peace, stability and shared prosperity for all the peoples and nations of ASEAN, the GCC and China.
Leaders of the participating countries expressed confidence that ASEAN, the GCC and China could leverage the strengths of the three economies with a combined GDP of US$24.87 trillion and a population of approximately 2.15 billion.
The countries reaffirmed their commitment to promoting trade, investment, finance, supply chain connectivity and market access for ASEAN, GCC and China.
They also emphasised advancing cooperation in emerging fields such as digital technology, artificial intelligence and renewable energy as well as enhancing cultural exchanges, educational collaboration and tourism development.
The nations also pledged to kick off new initiatives to foster mutual understanding and people-to-people connectivity across regions.
During the conference, time was also allocated to discuss international and regional issues.
Participants shared concerns about the complex developments in the Gaza Strip, reaffirmed support for the peace process and the establishment of an independent Palestinian state under the two-state solution in accordance with international law and relevant United Nations Security Council resolutions.
