Asean Vows to Avoid Export Bans, Share Fuel as Oil Prices Soar

The Association of Southeast Asian Nations vowed to avoid trade restrictions and push ahead with a fuel-sharing scheme as the region grapples with a spike in oil prices and supply disruptions due to the Iran war.

“We will keep trade open and predictable. Asean agreed to avoid restrictive trade measures, including export bans on essential goods,” Philippine Trade Secretary Cristina Roque said in a briefing on Thursday after meeting with regional economic ministers.