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MAKATI CITY — A study is underway on a proposed ASEAN oil stockpiling initiative aimed at strengthening the region's energy security during supply crises, Trade Secretary Cristina Roque said Monday.
Roque said the Economic Research Institute for ASEAN and East Asia (ERIA) is conducting the study, which is expected to be completed by November.
“There are five countries that have already agreed,” Roque said on the sidelines of the ASEAN Business Media Exchange.
According to the DTI, Indonesia, Singapore, Malaysia, Thailand and Vietnam have expressed strong interest in participating in the initiative.
Under the proposal, oil would be stored in participating countries to provide an emergency supply that ASEAN members could tap during a crisis.
Roque said the United Arab Emirates has also expressed willingness to participate by supplying oil for storage in interested countries.
“Many want to onboard this kind of initiative. So what will happen here, even if not all the ASEAN countries agree, at least those countries that have already agreed can get…we can get started on this,” she said.
Roque also underscored the importance of strengthening economic cooperation among ASEAN members, saying the regional bloc has significant collective market and trade potential.
“For other countries all over the world, they look at ASEAN now as a very strong force to reckon with, [w]e really focus on the potential of ASEAN as a bloc,” Roque said.
She said ASEAN members should align trade policies while learning from each other's best practices.
Among the Philippines' key priorities during its ASEAN chairship is the Digital Economy Framework Agreement (DEFA), which seeks to strengthen regional cooperation on e-commerce, digital trade, cybersecurity, and digital payments.
Roque said negotiations have been concluded and the agreement has undergone legal review, with signing targeted for November.
“With DEFA, in our chairship, it has already been concluded and the legal scrubbing has already been done. So signing will be in November. So this will be the biggest deliverable, at least for the DTI, among all other deliverables in this ASEAN chairship,” she said.
Roque said ASEAN's e-commerce trade potential is projected to reach $2 trillion to $3 trillion by 2030.
She said e-commerce offers businesses a cheaper and faster way to reach markets across the region and test their products.
“We need to really exhaust the full potential of DEFA and the full potential of the e-commerce platform,” Roque said.
The ASEAN Business Media Exchange brings together government officials, investors, private-sector representatives and media representatives to discuss regional cooperation and economic priorities.
