(April 30): The Association of Southeast Asian Nations vowed to avoid trade restrictions and push ahead with a fuel-sharing scheme as the region grapples with a spike in oil prices and supply disruptions due to the Iran war.
“We will keep trade open and predictable. Asean agreed to avoid restrictive trade measures, including export bans on essential goods,” Philippine Trade Secretary Cristina Roque said in a briefing on Thursday after meeting with regional economic ministers.
“In times of uncertainty, predictability is stability and stability begins with keeping goods moving across borders,” she said.
Asean is also working to advance the ratification of an agreement that enables coordinated emergency fuel sharing amid supply disruptions, she said.
The 11-nation bloc will upgrade key trade agreements, including those with China, South Korea and Canada, according to Roque, who chaired the special meeting on the Middle East conflict’s impact on the region.
Asean members have seen pump prices jump since the start of the Iran war, stoking inflation, straining government budgets and choking economic activity.
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“We noticed that geopolitical tensions are already affecting economic stability in Asean,” Roque said.
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