Delivering a speech at the 2nd ASEAN - Gulf Cooperation Council (GCC) Summit, held in Kuala Lumpur, Malaysia on May 27, as part of the 46^thASEAN Summits and related summits, hosted by Malaysia, Prime Minister Pham Minh Chinh suggested ASEAN and the GCC jointly shape a new inter-regional cooperation model to strengthen bilateral cooperation and contribute to peace, stability and development in the two regions and the world.

The Vietnamese PM was quoted by the Government News as highly appreciating the potential for ASEAN-GCC cooperation, noting that the two regions possess unique strengths that are highly complementary and share many commonalities in development vision.

ASEAN stands out for its high growth rate, young population, large market, and rapid transformation, while the GCC serves as a hub for global energy and financial resources and possesses advantages in technology and green development experience, the PM added.

The new inter-regional cooperation model must be based on sincerity, substance, comprehensiveness, cohesion, and effectiveness, he stressed.

The Vietnamese leader called on the two blocs to enhance strategic connectivity and promote substantial cooperation to achieve sustainable and inclusive development, with people and businesses at the center.

He suggested that both sides promptly establish an economic cooperation agreement to facilitate market access, enhance supply chain connectivity and two-way investment support while ASEAN and the GCC conduct a feasibility study on a comprehensive Free Trade Agreement (FTA).

He also suggested that ASEAN and the GCC consider green and sustainable growth as a new pillar of their future-oriented cooperation, focusing on digital transformation, green transition, circular economy, science and technology application, sustainable infrastructure development, smart cities, smart agriculture, the Halal food, energy security, and food security.

In the spirit of partnership and innovation, the Vietnamese PM stressed that Vietnam stands ready to work with other countries to promote specific cooperation in areas such as 5G digital infrastructure development, artificial intelligence (AI), undersea cables; green hydrogen production, solar energy, smart energy storage; building high-quality Halal supply chains; and facilitate labor mobility to meet market demands and enhance economic adaptability of the two regions.

Source: VnEconomy