Asean financial leaders voice concern about Middle East tensions and trade threats

[MANILA] Asean finance ministers and central bank governors in a joint statement on Friday (Apr 10) urged vigilance to external and domestic economic risks as they voiced concern about the impact of Middle Eastern tensions. They said risks they must monitor included policy uncertainty from tariffs, capital flow volatility, climate-related shocks, and debt.

They also reaffirmed their commitment to deepening regional financial integration to mitigate the impact of global and regional developments.

The finance ministers and central bank governors of the 11-member bloc also said they welcomed the re-establishment of the Asean Swap Arrangement, which provides short-term foreign-exchange liquidity support to member states facing balance-of-payments difficulties.

They endorsed concrete steps to strengthen regional financial defences, including the adoption of Asean Banking Integration Framework.

Climate finance was framed as a shared strategic priority, with strong emphasis on adaptation, mitigation, and loss and damage, as well as better access to international climate funds and stronger private-sector participation.

Asean also welcomed Myanmar as the seventh member of its Customs Transit System and said it would pilot using railways under the scheme by the end of 2026 to strengthen multimodal connectivity. REUTERS