Speaking ahead of the 48th ASEAN Summit on May 6, Philippine Undersecretary of Trade Allan Gepty said the initiative is among the bloc’s “priority economic deliverables” that are timely, forward-looking and strategic for the region.

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The ASEAN Power Grid (APG) is among the bloc’s “priority economic deliverables” that are timely, forward-looking and strategic for the region. (Photo for illustration)

The memorandum of understanding on the ASEAN Power Grid is expected to promote cross-border electricity trade, enabling member states to share energy resources and stabilize power supply across the region. The move is considered particularly important as Southeast Asia faces mounting pressure from rising energy costs and potential supply disruptions caused by geopolitical tensions, especially conflicts in the Middle East.

Philippine officials stressed that stronger regional energy connectivity is essential to reducing risks and ensuring long-term stability.

Alongside the power grid initiative, ASEAN is also working to finalize the ASEAN-Canada Pre-Trade Agreement, which aims to expand trade networks and create more economic opportunities for member states. Other priorities include promoting digital trade, attracting investment in green and high-growth sectors, and developing sustainable agriculture systems.

Gepty emphasized that amidst growing global uncertainties, ASEAN's coordinated response is crucial to maintaining trade flows, supporting businesses and sustaining economic growth momentum.

This year’s summit, chaired by President Ferdinand Marcos Jr., is held under the theme “Navigating Our Future, Together,” focusing on strengthening economic resilience and advancing regional cooperation. ASEAN leaders are scheduled to officially convene on May 8.

Source: VNA