The world today is witnessing radical economic changes at the global level, as trade and investment paths are rapidly renewed. In this context, we notice the emergence of new economic entities that depend on regional cooperation, as they include regional cooperation organizations, strategic economic partnerships, and joint regional investments. This shift in regional cooperation reduces disparity and enhances diversity in the process of economic integration, which contributes to reducing the burdens that may be heavy on countries as they seek to develop their industries. This integration is the cornerstone of global value chains known as Global Value Chains, where products are collected from multiple suppliers in different countries and sold in distant markets that may be outside the regional cooperation system. This model can transform countries into centers for design and engineering and others for partial manufacturing, or what are known as semi-finished products, as if countries are contracting with each other to deliver products to the final consumer around the world. It is noticeable that foreign direct investments increase in countries participating in regional economic blocs on a vertical or horizontal integration basis, such as ASEAN countries, and in greater proportions than in individual economies that operate individually. The main reason for this rise is the trust that arises as a result of the integration of commercial and industrial relations and mutual economic, commercial and human policies between these countries. This integration gives investors greater confidence in economic stability, which is important in small countries, as interconnected regional economies play an important role in analyzing the impact of policies and forecasting economic expectations due to the similarity of economic goals. These models are necessary for the sustainability of joint growth even in the difficult economic conditions that the world is going through, whether in periodic economic cycles or emergency economic crises. In this context, the meeting of the Gulf bloc represented by the Gulf Cooperation Council countries and the ASEAN countries is a favorable opportunity to discover economic partnership opportunities, as the model of economic capabilities in the Gulf countries, supported by the stream of oil and gas revenues from hard currencies, as well as the strength of the Gulf investment capabilities and expertise, is compatible with the high economic and productive potential in the ASEAN countries. This consensus can constitute a new source of stability for the global economy and ensure its sustainability, while at the same time reducing the decline in the average global growth rate, which is still witnessing declines the likes of which have not been documented in recent economic history. This economic cooperation presents itself as an effective and productive model that meets the needs of the partner countries and their people, whether in terms of providing job opportunities, development, or investment. In the end, this model can contribute to enhancing world stability through negotiating and competitive power that preserves the productive economy in the East versus the financial economy in the West. Thus, we protect the world from shifts in economic systems in severe ways that may lead to huge losses in the gains of the century and permanent scars. Source: Al-Eqtisadiah newspaper
