ECONOMIC ministers of the Association of Southeast Asian Nations (Asean) are pushing to strengthen regional energy security as escalating tensions in the Middle East threaten to disrupt global oil and gas supply routes and raise energy prices.
In a joint statement issued after the 32nd Asean Economic Ministers’ Retreat in Taguig, the ministers underscored the need for closer regional cooperation to safeguard energy supply and economic stability as geopolitical developments heighten volatility in global energy markets.
They noted that the conflict in the Middle East has created broader economic repercussions beyond the region, including disruptions in key maritime routes and supply chains that could drive up freight, insurance and logistics costs.
Such developments could trigger inflationary pressures on energy, food and other essential goods, posing challenges to businesses and households across Asean.
To mitigate these risks, the ministers emphasized the importance of diversifying energy sources and supply routes, promoting renewable energy and biofuels and enhancing cooperation on energy preparedness and reserves with Asean dialogue partners.
They also called for continued collaboration on regional energy initiatives such as the Asean Framework Agreement on Petroleum Security, the Asean Power Grid and the Trans-Asean Gas Pipeline to ensure stable and resilient energy connectivity across the region.
Beyond energy concerns, Asean ministers expressed deep concern over the broader economic impact of the Middle East conflict and called for the de-escalation of hostilities through peaceful and diplomatic means.
They reaffirmed Asean’s commitment to keeping markets open for trade and investment, strengthening supply chains and maintaining a transparent and predictable regional economic environment amid global uncertainties.
The ministers also warned of growing global trade uncertainties and unilateral trade actions that could disrupt production networks and weaken investment sentiment.
Asean reiterated its support for a rules-based multilateral trading system anchored on the World Trade Organization and urged countries to avoid protectionist measures and unnecessary trade restrictions.
Despite the challenging global environment, the ministers said Asean will continue advancing regional economic initiatives to deepen intra-regional trade, strengthen supply chain resilience and sustain economic growth across the bloc. / KOC