The bloc is prioritising energy security, food resilience, and the uninterrupted flow of essential goods.
Dubai: Southeast Asian nations have pledged to maintain open trade and refrain from imposing export restrictions as they coordinate their response to rising economic pressures stemming from the ongoing Middle East conflict.
Meeting under the Philippines’ chairmanship, economic ministers from the Association of Southeast Asian Nations (ASEAN) emphasised the need for a collective regional strategy rather than isolated actions by individual member states.
“We convened… to exchange views on the wide-ranging economic implications of the situation in the Middle East and its growing impact on global energy markets, supply chains, food security, and transport and logistics networks,” the ministers said in a joint statement.
“These developments are increasingly affecting people and businesses across the region, particularly micro, small, and medium enterprises, and are likely to have a significant impact on the region’s overall economic growth.”
Firm stance against export curbs
At the heart of the discussions was a commitment to steer clear of trade-restrictive measures, including export bans on essential goods, in a bid to prevent shortages and curb price volatility across the region.
The move signals ASEAN’s intent to keep markets open amid global uncertainty, reinforcing the bloc’s push for economic stability.
Ministers also agreed to fast-track upgrades to existing free trade agreements, including those with China, Korea, and Canada, as well as the ASEAN Trade in Goods Agreement.
These efforts are expected to facilitate smoother movement of goods, lower tariffs, and strengthen intra-regional trade at a time when global trade flows are under increasing pressure.
Energy cooperation
Energy security has also emerged as a key priority, with ASEAN advancing plans to expand the regional power grid to enable cross-border electricity sharing and better manage external supply shocks.
Ministers also underscored growing risks to global energy markets, particularly from disruptions in the Strait of Hormuz.
“We expressed deep concern that disruptions to key maritime routes, especially the Strait of Hormuz — through which about a quarter of global seaborne oil and liquefied natural gas (LNG) exports pass, with more than 80 per cent destined for Asia — are posing serious risks to global energy security. These are fuelling persistent volatility in oil and LNG prices while sharply raising freight, insurance, and logistics costs,” the ASEAN Economic Community Council (AECC) said.
According to the AECC, these pressures are spilling over into wider economic challenges, including rising inflation, exchange rate volatility, and tighter financial conditions.
Keeping vital sea lanes open
With this, the association has stressed the need to keep key maritime routes open to ensure the uninterrupted flow of energy and goods.
“To minimise disruptions to energy trade flows, we underscored the importance of maintaining secure and open sea lanes, ensuring freedom of navigation, and the safe, unimpeded and continuous transit of vessels and aircraft through straits used for international navigation,” the ministers said.
Food security and logistics
Strengthening food security and supply chain coordination has also been a central focus, with ministers reiterating the importance of ensuring uninterrupted access to essential goods.
Philippine Trade Secretary Maria Christina Roque said the department is working closely with logistics providers to address supply chain challenges, including introducing transition incentives for transport operators looking to shift from fuel-powered vehicles to electric alternatives.
“We cannot afford any delays in the movement of food, medicines, and essential goods. We are 7,600 islands,” said Maria Christina Roque.
The outcomes of the special AECC meeting will be consolidated into a joint statement to be presented at the upcoming 48th ASEAN Summit in Cebu, Philippines, on May 8.
