Singapore Prime Minister Lawrence Wong cautioned that even if the Strait of Hormuz were opened tomorrow, it would take at least months for damaged infrastructure to be repaired and for goods to flow again.
ASEAN should reinforce its collective energy security and work towards “swift ratification” of the ASEAN Petroleum Security Agreement as another tool to tackle energy crises, he said.
The agreement is aimed at improving energy security among ASEAN member states, primarily through a voluntary, commercial-based petroleum-sharing scheme during supply emergencies.
Wong encouraged member states to go beyond the agreement and use it as a basis for other measures that could strengthen ASEAN’s collective energy security.
“I know that our ministers and officials have also been discussing various ideas, including the possibility of a regional fuel stockpile,” he said.
CALL TO STRENGTHEN FOOD SECURITY ARRANGEMENT
On food security, Anwar proposed exploring a “regional standby arrangement for food security” during crises.
While Anwar did not give details on how such an arrangement might work, he said it will ensure faster coordination and emergency response among member states.
“The energy crisis is already feeding directly into food insecurity. Higher fuel prices are raising fertiliser, transport and production costs, creating immediate supply pressures across the region,” he said.
“If disruptions persist, ASEAN faces the risk of lower yields and sustained food inflation well into next year. Food security must therefore be treated as a regional strategic priority.”
Anwar also suggested strengthening the ASEAN Plus Three Emergency Rice Reserve mechanism by expanding it to include fertilisers.
The mechanism, which includes the ASEAN member states plus China, Japan and South Korea, involves stockpiling rice for immediate release during disasters, without disrupting market prices.
