Manila: Ministers from the Association of Southeast Asian Nations (ASEAN) recently convened a special video conference of the ASEAN Economic Community (AEC) Council to tackle the escalating economic pressures stemming from instability in the Middle East. The session was chaired by Ms Cristina Aldeguer-Roque, the Philippine Secretary of Trade and Industry. It brought together ministers from the 11 ASEAN member states, the ASEAN Secretary-General, and senior economic officials.
According to Lao News Agency, representing the Lao PDR was Mr Malaythong Kommasith, Minister of Industry and Commerce, accompanied by deputy ministers and key representatives from relevant state enterprises. The primary focus of the summit was the ripple effect of the Middle East situation on regional energy and food security. Ministers expressed shared concerns over supply chain disruptions, mainly delays and increased costs in global shipping and logistics, and the steady upward trend in oil and gas prices, which threatens to destabilise regional economies.
In response, member states shared individual national policies currently in place to mitigate these shocks. There was a unified call to strengthen intra-ASEAN cooperation through existing frameworks, such as the ASEAN Trade in Goods Agreement (ATIGA), various Free Trade Agreements (FTAs) with dialogue partners, and the Regional Comprehensive Economic Partnership (RCEP).
The council concluded by adopting a Joint Statement detailing a collective strategy to safeguard the region’s economic interests. Central to this agreement are several long-term infrastructure and policy goals including accelerating the integration of regional electricity grids to ensure a stable power supply, strengthening the Trans-ASEAN Gas Pipeline and updating the ASEAN Petroleum Security Agreement (APSA), promoting the adoption of Electric Vehicles (EVs) as a means to reduce dependence on volatile fossil fuel markets, and ensuring the resilience of supply chains to protect the livelihoods and cost of living for citizens across the ASEAN bloc.
The meeting underscored ASEAN’s commitment to proactive diplomacy and economic integration in the face of global geopolitical uncertainty.