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ASEAN Economic Ministers renew pledge for stronger regional cooperation, open markets amid Middle East tensions
The Association of Southeast Asian Nations (ASEAN) Economic Ministers on Friday emphasized the need to safeguard food security, warning that higher energy and transportation costs stemming from ongoing tensions in the Middle East threaten the stability of regional food supply chains.
In a joint statement issued during the 32nd ASEAN Economic Ministers’ (AEM) Retreat in Taguig City, the Ministers said volatile energy and transportation costs could affect agricultural production, fertilizer availability, and food distribution systems across the region.
“We commit to fully implement relevant ASEAN economic agreements to minimize disruptions in regional food supply chains, ensure that markets are kept open, and strive to reduce excessive price volatility, particularly price spikes,” the AEM statement said.
The AEM underscored the importance of increasing agricultural productivity and diversifying sources of food products and inputs to strengthen the region’s food systems.
The statement stressed the need to promote sustainable, climate-resilient, and regenerative agricultural practices while enhancing regional cooperation on food and agriculture supply chains.
The AEM reaffirmed ASEAN’s solidarity and economic integration in responding to external shocks, including efforts to facilitate trade and strengthen logistics connectivity to support trade and investment in the region.
“We took note of recent developments in global trade policy and are closely monitoring their implications, particularly rising uncertainty for businesses, weaker investment sentiment, and potential disruptions to production and supply networks amidst challenging global economic conditions,” the AEM said.
The AEM statement emphasized the importance of a rules-based, non-discriminatory, and open multilateral trading system with the World Trade Organization (WTO) and urged its members to “refrain from protectionist measures and unnecessary trade restrictions.”
“We supported constructive engagement towards balanced outcomes at the 14th WTO Ministerial Conference (MC14), including the necessary reform of the WTO to improve all its functions,” the AEM said.
The AEM statement vowed to remain steadfast in advancing key regional initiatives, including the timely ratification and effective implementation of the Second Protocol to amend the ASEAN Trade in Goods Agreement (ATIGA), which aims to strengthen trade facilitation, transparency, regulatory cooperation, and reduce non-tariff barriers.
The AEM emphasized the importance of concluding and signing the ASEAN Digital Economy Framework Agreement (DEFA) to support deeper digital integration, trusted cross-border data flows, and greater participation in the regional digital economy.
“We agreed to strengthen and expand our economic links with ASEAN’s external partners, including our Dialogue Partners, and seek out opportunities for economic cooperation with new partners,” the statement said. | PND
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