- We, the ASEAN Economic Ministers, met at the 32nd ASEAN Economic Ministers’ Retreat in Taguig, Philippines, and exchanged views on the evolving global and regional situation including the tension in the Middle East and its potential implications for the ASEAN region and global and regional economy. We are also closely following with concern the continued global trade uncertainties and unilateralism. We reaffirmed our commitment to ASEAN Centrality and recognised the need for continued regional coordination, vigilance, and policy preparedness amidst a challenging global environment.
- We expressed deep concern over the continued tensions in the Middle East. The escalating conflict has generated broader economic repercussions beyond the region, particularly through heightened volatility in global energy markets and disruption of key maritime and supply chain routes, bringing about uncertainty and significant challenges to the economy, businesses and global trading dynamics. Such disruptions are leading to higher freight, insurance, and logistics costs and contribute to inflationary pressures on energy, food, and other essential goods. A prolonged period of geopolitical instability could pose sustained challenges to the global economic outlook, which has already been battered by multiple headwinds in recent years. It will also impact economic security and stability, the livelihoods of millions of people in the region, and hinder economic progress in ASEAN.
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