Japan’s Takaichi to Propose Asian Version of IEA to Cooperate with Southeast Asian Countries on Oil
Prime Minister Sanae Takaichi will likely propose launching an Asian version of the International Energy Agency as a framework for cooperation on oil procurement during crises, it has been learned. She also plans to propose a new initiative to store oil destined for Southeast Asian countries in Japan in exchange for a fee.
Southeast Asian leaders convened in Manila for a three-day summit, discussing pressing global conflicts and their regional implications. The Association of Southeast Asian Nations (ASEAN) leaders met with world leaders, including U.S. President Donald Trump, whose visit to Asia held potential to improve his image following his party's midterm election losses.
Discussions centered on the most pressing conflicts, primarily the Middle East war, as well as regional disputes such as those in the South China Sea and the civil war in Myanmar. ASEAN leaders reiterated their commitment to upholding international law and peaceful dispute resolution, emphasizing the importance of freedom of navigation and lawful sea use.
Philippine President Ferdinand Marcos Jr. stressed the significance of unity among diverse nations, highlighting the challenges posed by geopolitical tensions, economic uncertainty, new technologies, climate change, and transnational threats. Trump's visit included meetings with key regional partners, such as the Quadrilateral Security Dialogue with the U.S., Japan, Australia, and India, and a special ASEAN leaders summit.
The short stop in Manila aimed to reassure allies and partners before Trump traveled to Shenzhen, China, for the APEC summit hosted by Chinese President Xi Jinping. Analysts suggested that Trump's political weakened status due to the U.S. midterm elections would make it less likely for the Chinese side to make substantial compromises at the summit.
China's premier, Li Qiang, was expected to attend the summit, meeting ASEAN leaders on Monday, before Trump's arrival.
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