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Asean members discuss economic impact of Russia-Ukraine conflict

Asean members discuss economic impact of Russia-Ukraine conflict

ASEAN: Economic representatives from Asean member states have convened a meeting to discuss measures to mitigate the potential impact that the ongoing Russia-Ukraine conflict could have on the region’s economies.

CoronavirusCOVID-19economicsnatural-resourcespoliticsRussianUkraine
By National News Bureau of Thailand

Monday 21 March 2022, 10:11AM


Photo: NNT

Photo: NNT

Thai Vice Commerce Minister Sansern Samalapa said participants also pressed all 15 signatories of the Regional Comprehensive Economic Partnership (RCEP) agreement to expeditiously ratify and implement the pact, reports NNT.

According to Sansern, the 28th Asean Economic Ministers (AEM) Retreat on Mar 16, which Cambodia chaired, agreed that the Russia-Ukraine conflict would have a limited impact on Asean, given the bloc’s relatively minimal direct trade with both countries.

Additionally, participants urged Russia and Ukraine to quickly resolve the conflict in order to avoid long-term impact on the global economy.

Thailand also proposed that Asean economies collaborate to mitigate the war’s impact on the region’s energy supplies.

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Additionally, the representatives signed a memorandum of understanding specifying that Asean members will not impose export restrictions on essential goods until Nov 2024.

The ministers also discussed Asean’s readiness to transition to a digital society and the development of measures to address the economic and social consequences of the COVID-19 pandemic.

Thailand’s trade with other Asean economies reached US$110.7 billion (B3.7 trillion) in 2021, an increase of 17.1% over the same period the year before. Thai exports totaled $65bn in 2021, compared to $45.7bn in imports.

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Kurt | 24 March 2022 - 09:54:20

If Middle East doesn't get the needed amount of flour/grain, than 'bread wars' start again in Middle East. Remember the 'Arab Spring' + follow up, until today?  It all started due to high bread prices. History repeats.

Kurt | 24 March 2022 - 09:42:32

AEM saying/calling the war crimes agression of russian Putin a 'Russian-Ukraine conflict??' Invading a peacefull country, a conflict? Talking down the impact on Asean.( limited)? Wait and see, rising food prices, less tourism, rise prices energy sources.Shotage of raw materials. Dumb isolated thinking that Asean will escape the global impact of Putin's war madness.

Kurt | 23 March 2022 - 11:38:55

It will be a disaster for Africa and Middle East when Ukraine grain expert stops. It will be a global disaster when Ukrain's steel producents stop export. And don't forget the Ukraine Sun Flower cooking oil, already global wise hard to get shipped.

Kurt | 22 March 2022 - 11:27:01

Dekaaskopp subtle derails. I wrote about 'Global', not about the 'West'. Don't forget, the whole world feels/experience now in many ways the impact of russian Putin's war. Worse are the war crimes Russia commits in Ukraine.

DeKaaskopp | 21 March 2022 - 19:32:40

@Kurt   " ASEAN should not stick to ASEAN thinking only. It needs joining ... "  Why ?  Maybe the 'West" should join ASEAN thinking !  

Ash Ward | 21 March 2022 - 14:14:27

Madman Putins war has already caused great harm and grief to the people of Ukraine and the world economy including Thailand. Don't think this war will end soon!!!

Kurt | 21 March 2022 - 10:51:44

The global international red signals are clear: Putin's war is going to have more economical global impact than Covid-19 pandemic has done so far. ASEAN should not stick to ASEAN thinking only. It needs joining global thinking/doings.

 

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