MANILA (Bernama-PNA): Economic ministers from South-East Asian nations have unveiled proposed measures to strengthen regional trade, supply chain resilience, and coordinated response to external shocks, the Philippines News Agency (PNA) reported.
The Philippines, represented by Trade Secretary Ma. Cristina Roque, convened the ASEAN Economic Community Council on Thursday to discuss the economic implications of the ongoing West Asia crisis.
"We strongly reaffirmed the critical importance of maintaining stable, secure, sustainable, and resilient global supply chains and maritime trade routes, particularly for essential goods and services,” a joint statement released on Friday read.
The ministers said their respective countries will "strengthen intra-ASEAN trade and supply chain connectivity” through improved logistics coordination, timely information sharing and continuous consultations.
They also agreed to avoid introducing unnecessary non-tariff measures during crisis, while keeping trade infrastructure such as land borders, airports, and seaports open "where possible."
The ministers also backed the swift ratification and timely entry into force within 2026 of the Second Protocol to Amend the ASEAN Trade in Goods Agreement, which upgrades the original agreement to improve trade facilitation, dispute settlement, and transparency within the region.
The ministers pointed out that the escalating impacts of the West Asia crisis on global energy markets, food security, and transport are "increasingly affecting” businesses across Southeast Asia, particularly micro, small and medium enterprises, and that it "may be necessary” for ASEAN member states to implement emergency measures to address said challenges.
They noted, however, that these measures should be "targeted, proportionate, transparent, temporary and should not create unnecessary barriers to trade and are consistent with World Trade Organisation and ASEAN rules."
The ministers will submit the meeting outcome and key recommendations on regional preparedness to the ASEAN leaders at 48th ASEAN Summit in Cebu on May 8.
-- BERNAMA-PNA
