MANILA, March 13 (Xinhua) -- Economic ministers from the Association of Southeast Asian Nations (ASEAN) on Friday expressed deep concern over the continued tensions in the Middle East, warning that the escalating conflict has generated broader economic repercussions beyond the region.
In a joint statement, the ministers said the escalating conflict has generated broader economic repercussions beyond the region, particularly through heightened volatility in global energy markets and disruption of key maritime and supply chain routes, bringing about uncertainty and significant challenges to the economy, businesses, and global trading dynamics.
They noted that such disruptions are leading to higher freight, insurance, and logistics costs and contribute to inflationary pressures on energy, food, and other essential goods.
The ministers cautioned that a prolonged period of geopolitical instability could pose sustained challenges to the global economic outlook, which has already been strained by multiple headwinds in recent years.
The economic ministers said they joined the ASEAN foreign ministers in calling for the de-escalation of the conflict in the Middle East through diplomatic and peaceful means, including the cessation of hostilities, the exercise of maximum restraint, and the pursuit of dialogue by all parties concerned. ■