ASEAN Economic Ministers: Middle East conflict may significantly impede regional economic growth.

Economic ministers of ASEAN countries issued a joint statement on Friday, stating that the Middle East conflict poses an increasingly serious threat to global energy security and may significantly slow down economic growth in the ASEAN region. The ASEAN Economic Community Council stated: "We are deeply concerned about the current critical disruptions in maritime shipping routes, especially the Strait of Hormuz - through which about a quarter of global maritime crude oil and liquefied natural gas exports pass, with over 80% eventually destined for Asia. The interruption of this route poses a major risk to global energy security, exacerbating continuous fluctuations in crude oil and liquefied natural gas prices, and significantly increasing transportation, insurance, and logistics costs." ASEAN pointed out that the rise in energy and transportation costs is being transmitted to the food industry chain, leading to increased fertilizer prices and potential disruptions in the fertilizer supply chain. Ministers stated that the overall cost of living in the ASEAN region is continuing to rise, with low-income families and small and medium-sized enterprises being hit the hardest. All parties reaffirmed their commitment to avoiding unnecessary trade barriers and non-tariff barriers during the crisis, especially in the areas of food and energy supply. They also pledged to keep land border crossings, airports, seaports, and other trade infrastructure flowing smoothly to ensure the normal circulation of essential goods for people's livelihoods.