In a joint statement approved at a meeting on the sidelines of the Asian Development Bank annual gathering in Samarkand, in southeastern Uzbekistan, ASEAN+3 finance ministers and central bank governors stressed that increasing conflicts in the Middle East have significantly heightened downside risks to the regional outlook.

Officials underscored concerns over heightened financial instability, noting they remain vigilant over excessive volatility and disorderly movements in currency and financial markets, while signalling readiness to intervene where necessary.

The joint statement underscored the importance of maintaining multilateralism and reaffirmed support for a rules-based, non-discriminatory, free, fair, open, inclusive, equitable and transparent multilateral trading system.

Japan’s Finance Minister Satsuki Katayama, who co-chaired the meeting, said participants agreed on the need to strengthen regional cooperation and pledged mutual support in diversifying supply chains. In mid-April, Japan committed a 10 billion USD financial support package for other Asian countries aimed at enhancing energy supply chains, focusing on providing loans to help nations procure crude oil and petroleum products.

The four-day meeting of the ADB, which began on May 3, takes place against the backdrop of heavy reliance by many Asian economies on oil imports from the Middle East and the significant impact of the closure of the Strait of Hormuz following the outbreak of conflict involving the US, Israel and Iran on February 28./.