GCC-ASEAN economic cooperation improves

The Gulf Cooperation Council (GCC) and ASEAN are moving forward towards enhancing regional economic cooperation. Trade Ministry Director General for International Trade Cooperation Gusmardi Bustami announced that both parties conducted the first meeting of ASEAN and GCC senior economic officials in Oman last July. Both parties exchanged views and information on ways to improve economic cooperation. Mr. Gusmardi, who led a meeting with Mr. Gasim bin Mohammed Al-Qasmi, the head of economic affairs at the United Arab Emirates' Ministry of Foreign Affairs, said both parties also discussed a framework agreement for economic and investment cooperation as well as measures necessary to start free trade negotiations between two parties in the services and infrastructure sectors. The meeting was a follow-up of the ASEAN-GCC two-year action plan (2010-2012) endorsed during the second ASEAN-GCC Ministerial Meeting in Singapore in June last year and agreed at the ASEAN Economic Ministers' Meeting in Vietnam. An FTA between ASEAN and the GCC was expected to reduce trade deficits between ASEAN and GCC member states and boost bilateral trade. Total trade between ASEAN and the GCC was valued at $83.25 billion last year, up 23.64% from $67.33 billion in 2009. ASEAN's exports reached $20.13 billion, whilst imports reached $63.12 billion, causing $42.99 billion in deficit.