‘Closer, more practical’ economic partnership for ASEAN

The economic ministers of the Association of Southeast Asian Nations (ASEAN) members and South Korea pushed for a “closer and more practical” trade actions and partnership, citing the rising geopolitical tensions across the globe.The ministers met at the Philippine International Convention Center in Pasay City on Sunday for the 23rd ASEAN Economic Ministers-Republic of Korea (ROK) Consultation, co-chaired by Trade Secretary Ma. Cristina Roque and Korean Minister for Trade Park Jung-sung.In the joint statement after the meeting, the ministers said they exchanged views on regional and global economic developments such as the Middle East crisis, noting that rising geopolitical tensions, including unilateral trade actions and regional conflicts, collectively threaten rules-based international order.These developments, the ministers said, imposed significant cost burdens on businesses, added to inflationary pressures, and created an increasingly unpredictable operating environment, particularly for micro, small and medium enterprises.“In this challenging climate, the meeting stressed that a closer and…