LONDON, May 8 (Reuters) - Formula One will reduce the electric power element in 2027 after tweaks to the engine regulations introduced at last weekend's Miami Grand Prix were deemed a success.
ASEAN leaders at the 48th ASEAN Summit, held at the Mactan Expo in Cebu in the Philippines, on May 8. -- PHOTO: LIANHE ZAOBAO / The Straits Times-ANN CEBU : ASEAN has to prepare for a new normal of economic disruptions and shocks by pursuing broader and deeper regional cooperation , said Prime Minister Lawrence Wong at the ASEAN Summit on May 8.
He called on the grouping to double down on integration, strengthen energy security in the region and bolster intra-ASEAN supply chains, especially for critical goods such as foods. This will bolster the region’s resilience against events such as the Covid-19 pandemic, the US Liberation Day tariffs and the current Middle East conflict, he added.
“The realities of the global economy going forward are that there will be more disruptions, more shocks, and more volatility,” he said. The implications of the Middle East situation have topped the agenda at the biannual meeting held in Cebu amid a national energy emergency in the Philippines.
South-east Asian countries, which import much of their oil from the Gulf, have been among the hardest hit by the energy supply crisis caused by the war in Iran and the effective closure of the Strait of Hormuz. Opening the summit at the Mactan Expo, Philippine President Ferdinand Marcos Jr said the increasingly volatile situation in the Middle East has threatened the lifestyles, livelihoods and lives of people in the region.
“Over the past months, each of our countries has had to make adjustments, to modify our approaches. So we come together now to study those adjustments, to find the best approaches, to face the future together,” he said. Speaking later at the same plenary session, PM Wong extended his condolences to member states that have lost citizens to the conflict.
“We all hope the crisis will end soon, but we have to be mentally prepared that the impact will be with us for some time,” he said. In the meantime, ASEAN can double down on integration, and one concrete measure is to swiftly ratify the upgraded ASEAN Trade in Goods Agreement so that it can enter into force within the year, he said.
At a time when it is tempting for countries to put up more barriers and turn inwards, doing so will give investors confidence that ASEAN is integrated and determined to work together in times of crisis, he said. ATIGA includes crisis-related provisions and commitments on trade in essential goods, such as food and medical supplies. PM Wong said ASEAN member states can leverage these mechanisms to work closely together during times of shortages or emergencies.
He added that the regional trade pact should be treated as a base, calling on ASEAN countries to go even further. Like-minded countries can come together on other agreements that will provide mutual support as well as give assurances of open markets and no export restrictions even in times of shortages, he suggested, saying that the ASEAN economic ministers can expedite these measures.
The grouping should also strengthen energy security through the swift ratification of the ASEAN Petroleum Security Agreement , which was recently renewed in 2025, he said. The agreement sets out a framework for the sharing of petroleum during emergencies, and PM Wong said it would give member states more tools to respond during energy crises.
He noted that ASEAN ministers and officials have been discussing various ideas, including the possibility of a regional fuel stockpile, and said this should be encouraged. Additionally, the grouping should speed up the realisation of the ASEAN Power Grid , which will allow member states to trade surplus electricity and share reserve capacities. PM Wong said this will build resilience against future supply disruptions and external shocks, while powering the region’s growth in a more sustainable manner.
Another thing it can do is to strengthen intra-ASEAN supply chains, especially for critical goods like food, said PM Wong. As a major production centre, the region accounts for almost 10 per cent of global agricultural exports and should tap this inherent strength to meet the needs of its people, he added.
The upgraded ATIGA reduces non-tariff barriers to food trade and encourages the exchange of food safety information, and can complement existing efforts such as the ASEAN Plus Three Emergency Rice Reserve and the ASEAN Food Security Information System, he said. PM Wong added that even as member states deal with the crisis, it is important to keep alive the spirit of ASEAN solidarity.
That is why Singapore helped to bring back citizens from other ASEAN countries when it repatriated its own citizens from the Middle East in the early days of the conflict, he said.
“We wanted to assist where we could, just as how our ASEAN family had lent a hand to Singaporeans in previous crises,” he added. A significant milestone in this effort is the adoption of the Cebu Protocol, the first ever amendment to the ASEAN Charter to reflect the membership of Timor-Leste. One of the world’s youngest countries, Timor-Leste officially became the 11th member of the grouping in 2025.
Thanking the Philippines for its steady leadership of the grouping during the challenging times, he said: “I look forward to working with fellow colleagues across ASEAN member states to chart a course that will provide ASEAN with lasting security, stability and prosperity. ”Motor racing-F1 to have more combustion power and less electric in 2027Asean News Headlines at 10 pm on Friday Indonesia pledges to overhaul medical training programme after deaths of four intern doctors
Economic Disruptions Regional Cooperation Energy Security Intra-ASEAN Supply Chains Middle East Conflict ASEAN Trade In Goods Agreement ASEAN Petroleum Security Agreement ASEAN Power Grid Community-Building Agenda
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore seeks stronger Asean trade, supply chain resilience at AECC meeting, says DPMSINGAPORE, May 7 — Singapore is actively working with Asean partners to champion a region with resilient supply chains, while expanding the digital and green economies, said...
Read more »
Asean Prioritizes Regional Energy Security Through Asean Power Grid Initiative Under Philippines ChairmanshipThe Asean bloc is focusing on the implementation of the Asean Power Grid to enhance regional energy security, cross-border electricity trade, and economic resilience during the 2026 summit.
Read more »
Anwar urges Asean to set up food security mechanism for regional crisesCEBU, May 8 — Prime Minister Datuk Seri Anwar Ibrahim has proposed that the relevant Asean ministers urgently explore the establishment of a regional standby mechanism for food...
Read more »
Singapore PM urges Asean to accelerate ratification of energy, trade pacts as Middle East conflict disrupts suppliesCEBU, May 8 — Singapore Prime Minister Lawrence Wong urged Asean leaders today to accelerate the ratification of regional petroleum and trade agreements as the Middle East...
Read more »