ASEAN leaders have taken measures to solve the economic problems caused by the Iran war | History of ASEAN

The bloc currently exports more than half of its crude oil from the Middle East.

Southeast Asian leaders have agreed on what they want to reduce results about Iran’s war on their economy, but acknowledged that these efforts will take a long time to take effect.

On Friday, leaders gathered in the Philippines for a above of the Association of Southeast Asian Nations (ASEAN), and the closure of the Strait of Hormuz that dominates the process.

Members agreed to a regional oil sharing plan to ease the financial burden caused by the two-month closure of the waterway, which has led to a global energy crisis. However, it is not yet clear how the program will be implemented, and the main points that need to be finalized, including the countries that can be prioritized in times of crisis.

ASEAN Chairman and Philippine President Ferdinand Marcos Jr welcomed the results, but acknowledged that practical arrangements still needed to be defined.

“What’s the sharing? Who gets what? How do you charge? Do you pay for it? Is it an exchange? … We’ve never done it before,” he said.

The project was one of several initiatives taken at the conference.

The leaders also agreed to develop the electricity grid and oil reserves, while reducing their dependence on energy from the Middle East. ASEAN currently exports more than half of its crude oil and 17 percent of its natural gas to the region, according to the bloc’s Center for Energy. In late March, the Philippines became the first country in the world to declare a global emergency due to low power levels.

Marcos warned that the economic consequences of the war in Iran will continue into the future.

“A disruption of a few weeks will take years to fix,” he said.

The report of the central conference of the Philippines in Cebu, Al Jazeera’s Jamela Alindogan said that the main theme is unity, while the ASEAN countries promise to continue to coordinate their solutions and protect their national interests.

Alindogan added that the bloc is still pushing back on the tariffs imposed by US President Donald Trump last year and is considering how to improve its relations with other countries to protect itself from future crises.