KUALA LUMPUR, Malaysia — A regional association of Southeast Asian nations held a summit Tuesday with China and six Persian Gulf countries in efforts to expand economic engagement and bolster resilience amid global trade volatility due to U.S. tariff hikes.
Malaysian Prime Minister Anwar Ibrahim, in his opening remarks, said the inaugural summit in Malaysia's capital Kuala Lumpur would open up a new chapter of cooperation.
The 10-member Association of Southeast Asian Nations, the Gulf Cooperation Council and China have a combined GDP of nearly $25 trillion and a market of over 2 billion people, offering vast opportunities to promote cross-regional investment, he said.
''I am confident that ASEAN, the GCC, and China can draw upon our unique attributes and shape a future that is more connected, more resilient, and more prosperous,'' he told the summit, attended by Chinese Premier Li Qiang.
Li said the three-way cooperation would benefit all sides, contributing to economic development and peace in the region. China is ASEAN's top trading partner, and has sought to present itself as a reliable ally to the region amid its rivalry with the U.S. The GCC supplies over a third of China's crude oil imports.
''China will join ASEAN and the GCC in forging synergies that multiply,'' he said.
Malaysia is the current chair of ASEAN, which also includes Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
Earlier Tuesday, Anwar told a separate ASEAN-GCC forum that partnership between the two blocs would be key to navigating an increasingly complex global economy. He later said the two sides planned to launch talks to establish a free trade area.