Malaysia, the current head of the Association of Southeast Asian Nations (ASEAN), hosted a meeting starting May 28 bringing together ASEAN, China and the Gulf Cooperation Council (GCC), “to expand economic engagement and bolster resilience as they grapple with a volatile global trading system due to U.S. tariff hikes,” as AP put it. They note that these three regional groupings “collectively have a combined GDP of nearly $25 trillion and a market of over 2 billion people, offering vast opportunities to synergize their markets and promote cross-regional investment.”
Chinese Premier Li Qiang 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,” AP wrote.
