‘We commit to fully implement relevant ASEAN economic agreements to minimize disruptions in regional food supply chains, ensure that markets are kept open, and strive to reduce excessive price volatility, particularly price spikes.’
Economic Ministers of the Association of Southeast Asian Nations (ASEAN) recently called for the prioritization of food security within the regional bloc, warning that higher energy and transportation costs stemming from ongoing tensions in the Middle East threaten the stability of regional food supply chains.
In the recently concluded 32nd ASEAN Economic Ministers’ (AEM) Retreat in Taguig City, ministers are in unison in saying that volatile energy and transportation costs could affect agricultural production, fertilizer availability, and food distribution systems across the region.
“We commit to fully implement relevant ASEAN economic agreements to minimize disruptions in regional food supply chains, ensure that markets are kept open, and strive to reduce excessive price volatility, particularly price spikes,” the AEM joint statement said.
ASEAN Economic leaders further underscored the importance of increasing agricultural productivity and diversifying sources of food products and inputs to strengthen the region’s food systems.
The statement also stressed the need to promote sustainable, climate-resilient, and regenerative agricultural practices while enhancing regional cooperation on food and agriculture supply chains.
The AEM reaffirmed ASEAN’s solidarity and economic integration in responding to external shocks, including efforts to facilitate trade and strengthen logistics connectivity to support trade and investment in the region.
“We took note of recent developments in global trade policy and are closely monitoring their implications, particularly rising uncertainty for businesses, weaker investment sentiment, and potential disruptions to production and supply networks amidst challenging global economic conditions,” the AEM said.
The AEM statement emphasized the importance of a rules-based, non-discriminatory, and open multilateral trading system with the World Trade Organization and urged its members to “refrain from protectionist measures and unnecessary trade restrictions.”
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