Business Recorder
CEBU, (Philippines): The fallout of the Middle East crisis took centre stage at meetings of the Southeast Asian bloc ASEAN on Thursday, with renewed calls for a united front in the face of serious challenges for its fuel import-dependent economies. The bloc of 11 nations, home to nearly 700 million, is one of the regions worst-hit after the Iran war shut down the critical Strait of Hormuz, choking off energy supplies. The Philippines, current chair of the Association of Southeast Asian Nations, has pushed to expedite approval of a regional oil-sharing framework agreement. Economic ministers at the meetings in the Philippine city of Cebu “identified practical, concrete response measures” on strengthening energy and food security and committed to intensify coordination, the chair said in a statement. “ASEAN needs to strengthen our crisis coordination and institutional readiness,” said Ma. Theresa Lazaro, the Philippine foreign affairs secretary. Diplomats and analysts say the energy issue will prove a test of the Philippines’ skills as chair, forcing it to shape a rare regional response while preventing ASEAN’s own conflicts from slipping down the agenda. These include Myanmar’s civil war and last year’s deadly and still unresolved border dispute between Thailand and Cambodia, where a fragile ceasefire has held since late December.
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