ASEAN economic ministers issued a joint statement on Friday, indicating that the conflict in the Middle East is posing an increasingly severe threat to global energy security and could significantly slow down economic growth in the ASEAN region.

The ASEAN Economic Community Council expressed deep concern over the current disruptions to key maritime shipping routes, particularly the Strait of Hormuz. Approximately one-quarter of the world's seaborne crude oil and liquefied natural gas exports pass through this route, with over eighty percent ultimately destined for Asia. The council stated that these disruptions present a major risk to global energy security, exacerbate ongoing volatility in crude oil and LNG prices, and substantially increase freight, insurance, and logistics costs.

ASEAN further noted that rising energy and transportation costs are being transmitted to the food supply chain, evident in increased fertilizer prices and potential risks of disruption to fertilizer supply chains. The ministers highlighted that the overall cost of living continues to rise across the ASEAN region, with low-income households and micro, small, and medium-sized enterprises being the most severely affected.

The parties reaffirmed their commitment to avoiding unnecessary trade barriers and non-tariff barriers during the crisis, especially concerning the supply of food and energy. They also pledged to maintain the smooth operation of trade infrastructure, including land borders, airports, and seaports, to ensure the normal flow of essential goods for people's livelihoods.