MANILA: Southeast Asian foreign and economic ministers urged on Friday for an immediate end to hostilities in the Middle East, as they agreed to deepen regional resilience and trade to tackle the global impacts of the US-Israeli war on Iran.
Energy and financial markets worldwide have been upended with the Iran war in its second week. With Southeast Asian countries mostly reliant on oil imports, they are at risk of an inflation shock, shortages, and currency volatility.
The Philippines, which is chair of the Association of Southeast Asian Nations this year, convened special meetings to address “serious concern” over the escalation of conflict in the Middle East following US-Israel attacks on Iran, Israeli strikes on Lebanon and Iran’s retaliatory response on US military bases in Gulf countries.
“We expressed serious concern over the situation in the Middle East and its impacts in the region and emphasized the importance of the immediate cessation of hostilities, called on all parties to exercise utmost self-restraint, and resolve differences through diplomacy and dialogue,” Philippine Foreign Affairs Secretary Theresa Lazaro told a press conference after a virtual meeting with ASEAN foreign ministers.
