ASEAN economic ministers pledged closer coordination to protect regional stability as escalating geopolitical tensions and global trade uncertainties
ASEAN economic ministers pledged closer coordination to protect regional stability as escalating geopolitical tensions and global trade uncertainties threaten supply chains, energy markets and food security.
The ministers said in a joint statement issued after the 32nd ASEAN Economic Ministers’ Retreat in Taguig they are closely monitoring the conflict in the Middle East and its potential spillover effects on the global and regional economy.They warned that rising tensions could disrupt key maritime routes and supply chains, increasing freight, insurance and logistics costs and adding to inflationary pressures on energy, food and other essential goods. The ministers joined ASEAN foreign ministers in calling for the de-escalation of the conflict through peaceful and diplomatic means, saying that stability and adherence to international law are critical to sustaining investor confidence and a predictable global trading system. To mitigate potential economic shocks, ASEAN reiterated its commitment to keep regional markets open and maintain a transparent and predictable trade and investment environment. The ministers said the bloc will continue working with industry stakeholders and development partners to reinforce regional supply chains. Energy security emerged as a priority, with ministers highlighting ASEAN’s exposure to global oil and liquefied natural gas supply routes. They called for diversifying energy sources, strengthening regional cooperation on reserves and preparedness and accelerating the transition to renewable and alternative energy. The ministers also underscored the need to safeguard food security as volatile energy and transport costs could affect farm production, fertilizer supply and food distribution. ASEAN members committed to keeping food supply chains open and minimizing price volatility. The group expressed concern over growing unilateral trade actions and said they will monitor the US Section 301 investigations affecting most ASEAN member states while engaging to ensure the probe remains consistent with international trade rules. ASEAN ministers reiterated support for a rules-based multilateral trading system anchored on the World Trade Organization and urged members to refrain from protectionist measures. They also pushed forward regional initiatives, including the ratification of the upgraded ASEAN Trade in Goods Agreement and the conclusion of the ASEAN Digital Economy Framework Agreement to deepen economic integration and support cross-border digital trade. The ministers said these efforts, alongside the ASEAN Economic Community Strategic Plan 2026–2030, will help strengthen intra-regional trade and investment, reinforce supply chains and sustain ASEAN’s role as a key hub for global trade and production.
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