Erdogan’s “missteps” have doomed him, argues Council on Foreign Relations analyst
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China, the countries of South-East Asia (ASEAN) and the Arab states (GCC) have just held a summit in Kuala Lumpur to forge what could become the world's largest economic bloc, covering everything from free trade agreements and de-dollarisation to Belt-and-Road connectivity.
Together, these countries have over 2bn people, 30% of the world's GDP and, crucially, about 55% of world GDP growth in PPP terms.
In their joint statement they agree to:
1) Massively develop free trade between them
"Promoting free trade and welcoming the full conclusion of the ASEAN-China Free Trade Area 3.0 Upgrade Negotiations, and looking forward to its early signing and entering into force, as well as an early conclusion of the China-GCC Free Trade Agreement negotiations"
2) Bypass the dollar
"Exploring cooperation on local currency and cross-border payments"
3) Belt and road expansion, for "seamless and efficient inter-connectedness"
"Promoting high-quality cooperation under Belt and Road Initiative and seamless connectivity, including through the development of logistics corridors and digital platforms"
4) Develop a cross-regional digital economy framework, including in AI
"Exploring a cross-regional framework to promote the digital economy, in areas such as digital trade, e-commerce, digital payment, fintech, artificial intelligence, start-ups and data security cooperation"
5) Energy markets coordination
"Supporting global energy market stability and adopting a balanced approach that does not exclude energy sources but instead innovates technologies that enable emissions management and efficient use of all energy sources"
In short, this could represent nothing less than the most significant realignment of global economic power in generations, bringing together 2bn people and more than half of the world's GDP growth under a single cooperative framework.
Arnaud Bertrand is an entrepreneur and China analyst. Can be found on X @RnaudBertrand. Bertrand founded HouseTrip, a leading European vacation rental marketplace, and is the founder and CEO of Me & Qi, one of the premier English-language platforms for Traditional Chinese Medicine. He is also a graduate and honorary professor of Ecole Hôtelière de Lausanne in Switzerland.
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