ASEAN to ratify petroleum security deal, Philippine minister says

MANILA — ASEAN is pushing forward the ratification of a framework agreement on petroleum security, the Philippine trade minister said on Thursday.

“APSA, or the ASEAN Petroleum Security Agreement, is being pursued to enable coordinated emergency fuel sharing and collective responses to supply disruption,” Philippine Trade Secretary Cristina A. Roque said during an online briefing.

Ms. Roque said advancing the ratification of the oil-sharing deal will strengthen regional energy resilience and fuel sharing. She said the Philippines will also prioritize the implementation of an ASEAN-wide power grid to improve energy sharing. She also said that ASEAN will keep trade open and predictable and avoid trade restrictive measures, including export bans on essential goods during periods of uncertainty.

According to Ms. Roque, the regional bloc will strengthen and accelerate existing free trade agreements, including ASEAN’s free trade agreement with China and South Korea.

ASEAN will strengthen food security and supply chain coordination to ensure more reliable access to food across the region, she added.

Member states will also safeguard energy supply for essential services, including health care, hospitals, emergency systems and critical care facilities during times of crisis, Ms. Roque said.

ASEAN will intensify support for micro-, small- and medium-sized enterprises by improving access to financing and liquidity to help protect jobs during economic shocks, she said. — Reuters