- We, the ASEAN Economic Community Council (AECC) Ministers, convened a Special ASEAN Economic Community Council Meeting on 30 April 2026, via videoconference, to exchange views on the far-reaching economic implications arising from the situation in the Middle East and its escalating impacts on global energy markets, supply chains, food security, and transport and logistics networks. These developments are increasingly affecting our peoples and businesses across the region, particularly Micro, Small, and Medium Enterprises (MSMEs), and are expected to have significant implication on the region’s overall economic growth.
- We expressed deep concern that the current disruptions to key maritime routes, particularly the Strait of Hormuz, where around one-quarter of global seaborne oil and liquefied natural gas (LNG) exports pass through, with over 80 per cent destined for Asia, are posing severe risks to global energy security, fuelling persistent volatility in oil and LNG prices, and sharply increasing freight, insurance, and logistics costs. We recognised that the impacts of these shocks are extending beyond energy markets to generate inflationary pressures, exchange rate volatility, tighter global financial conditions, and heightened uncertainty for businesses and investors. Recalling the ASEAN Foreign Ministers’ Statements on the situation in the Middle East, and to minimise disruptions to energy trade flows, we underscored the importance of maintaining secure and open sea lanes, ensuring freedom of navigation, and the safe, unimpeded and continuous transit passage of vessel and aircraft in straits used for international navigation, in accordance with international law, including the 1982 United Nations Convention on the Law of the Sea (UNCLOS).
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