Asean Says to Keep Energy, Food Trade Open as War Roils Markets

Article content(Bloomberg) — The Association of Southeast Asian Nations said it will reinforce supply chains and keep trade flowing to ensure the region can weather the impact of the Middle East war on food, fuel and vital supplies.Sign In or Create an AccountEmail AddressContinueor View more offersArticle content“To mitigate the economic impact of the global and regional developments, including the situation in the Middle East, we remain committed to keeping the Asean market open for trade and investment, by maintaining a transparent and predictable regional economic architecture,” Asean economic ministers said in a joint statement during their meeting in Manila on Friday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe bloc expressed concern about heightened volatility in global energy markets and the disruption of key maritime and supply chain routes. Freight, insurance and logistical costs are on the rise and will contribute to inflationary pressures on energy, food and other essential goods, it said.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“It will also impact economic security and stability, the livelihoods of millions of people in the region, and hinder economic progress in ASEAN,” the ministers said, adding that responses need to consider especially the needs of more vulnerable economies.Article contentEarlier, the host country urged the Asean to position itself as a safe haven for investment amid worsening global volatility.Article content“Let us ensure that Asean remains a region where investment is met with certainty and where cooperation creates genuine opportunity for our people,” Philippine Trade Secretary Cristina Roque said as the region’s economic ministers kicked off their meeting.Article contentEnergy and financial markets worldwide have been upended with the Iran war on its second week. Southeast Asian nations, which are mostly reliant on imports for oil, are at risk of shortages, an inflation shock and currency volatility.Article content“Geopolitical tensions are no longer distant headlines. They are immediate economic shocks, they manifest in volatile energy markets, disrupted shipping lanes and shifting investor confidence,” Roque said. “Asean resilience is no longer aspiration, it is our primary shield.”Article contentThe Philippines is hosting the Asean Summit and related meetings this year. The Asean is a bloc of 11 nations, including some of the fastest-growing in the Asia-Pacific region, with a combined population of more than 600 million.Article content(Recasts with statement from economic ministers)Article contentTrending CRA refused to cancel TFSA overcontribution tax Personal Finance What's next for Roots, the iconic Canadian brand that said it might put itself up for sale? Retail & Marketing 82 Canadians crack Forbes’ 2026 list of the world’s billionaires. Here's the top 10 High Net Worth Canadian telecom Telus says it’s investigating a cyber-breach Cybersecurity 'The bids just dried right up': Iran-driven oil shock ripples through Canadian economy News Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. CRA refused to cancel TFSA overcontribution tax Personal Finance What's next for Roots, the iconic Canadian brand that said it might put itself up for sale? Retail & Marketing 82 Canadians crack Forbes’ 2026 list of the world’s billionaires. Here's the top 10 High Net Worth Canadian telecom Telus says it’s investigating a cyber-breach Cybersecurity 'The bids just dried right up': Iran-driven oil shock ripples through Canadian economy News