Reference News Network March 15 report: According to the website of the "Nikkei" on March 13, the ASEAN Economic Ministers Meeting was held in Manila on March 13. In order to alleviate the impact of soaring oil prices, ministers of various countries reiterated their commitment to promoting the transition of the region to renewable energy.

Many ASEAN member states are highly dependent on oil imports from the Middle East. Due to the surge in oil prices, the regional economy is suffering serious damage. In his opening remarks at the meeting, Ramon Lopez, Minister of Trade and Industry of the Philippines, the current rotating chair of ASEAN, mentioned the situation in the Middle East and pointed out: "This is not news happening far away, but an imminent economic shock."

Many Southeast Asian countries rely on imported oil from the Middle East, with the proportion in the Philippines exceeding 90%, and Vietnam reaching as high as 80%. The continuous rise in gasoline and electricity costs has led to chaos in the region's economy. Countries are independently formulating measures, such as Thailand banning any oil exports outside neighboring countries.

ASEAN ministers also discussed how to respond to the US Trump administration's Section 301 investigation on "overcapacity". The list of targets in this investigation includes several ASEAN member states, including Indonesia, Thailand, and Vietnam.

The joint statement said: "We are concerned about the long-term high level of uncertainty in the global trade field, including unilateralism." The statement further explained that ASEAN will "closely monitor the developments of the US investigation and actively work to ensure that the relevant practices comply with international trade rules."

According to another report from the Singapore Straits Times website on March 14, ASEAN economic ministers warned on March 13 that the escalating conflict in the Middle East could pose a long-term geopolitical threat to the economic security of the entire Southeast Asia, disrupt supply chains, and hinder the region's growth.

At the informal ASEAN Economic Ministers Meeting held in Manila, the joint statement said: "The global economy has been hit by multiple adverse factors in recent years, and long-term geopolitical tensions may pose a continuing challenge to the global economic outlook."

Economic ministers added: "This will also affect economic security and stability, as well as the livelihoods of millions of people in the region, and hinder ASEAN's economic development." (Translated by Ge Xuelai, Liu Lin)

Original source: toutiao.com/article/7617391785882436137/

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