Southeast Asian Leaders Adopt Contingency Plan at ASEAN Summit in Philippines

Southeast Asian leaders adopted a contingency plan on Friday to reduce the impact of the Iran war on their economies and populations. The Philippines, one of the countries most affected by fuel price increases linked to the conflict, hosted the Association of Southeast Asian Nations annual summit in the central island province of Cebu.

The plan calls for ratification, possibly this year, of an agreement on coordinated emergency fuel sharing. It also includes planning for a regional power grid and fuel stockpile as well as diversifying sources of crude oil. Promoting electric vehicles and studying new technologies including civilian nuclear energy form additional elements of the approach.

The contingency steps will begin immediately. However, establishing a regional fuel stockpile and power grid is a complex process that may require considerable time, officials said. "Let’s talk about the fuel reserve. " one leader asked during the discussions.

A regional power grid that allows countries to trade electricity has been under consideration for years and has been realized only at a fairly small level so far. Leaders expressed commitment to the measures. They noted that everyone in the region is affected by the situation and wants to resolve it.

A central concern involved potential large-scale evacuations from the Middle East, where more than a million Southeast Asian citizens work and live, should hostilities intensify. Several Southeast Asian citizens have been killed since the United States and Israel launched military strikes against Iran on Feb.

28. The hostilities have continued sporadically despite a month-old ceasefire, particularly in the strategic Strait of Hormuz. The conflict has exposed vulnerabilities of Southeast Asian nations to external shocks, with recovery potentially taking years even if the war ends soon.