Manila, May 1 (SANA) Economy ministers from the Association of Southeast Asian Nations (ASEAN) warned on Friday that ongoing conflicts and tensions in the Middle East pose growing risks to global energy security and regional economic stability.
In a joint statement issued in Manila, the ASEAN Economic Ministers’ Council said such geopolitical disruptions could slow economic growth across member states.
The ministers highlighted concerns over instability affecting key maritime routes, particularly the Strait of Hormuz, through which about one-quarter of global seaborne oil and liquefied natural gas shipments pass, with more than 80% destined for Asia.
The council said energy risks are driving volatility in fuel markets and increasing shipping, insurance, and logistics costs, with knock-on effects for food security, including fertilizer prices and supply chains.
They added that rising living costs are putting pressure on households across the region, with low-income families and small businesses most exposed to geopolitical shocks.
ASEAN ministers reaffirmed commitments to avoid unnecessary trade barriers in food and energy and to keep transport infrastructure open. They also said members are considering strengthening regional oil storage capacity to improve resilience against future supply disruptions.
ASEAN groups 10 Southeast Asian countries, including Indonesia, Vietnam, and Thailand.
IZ/A
