Maritime Security and Energy Resilience in Asia

External Affairs Minister S Jaishankar emphasized India's commitment to ensuring the safe transit of maritime shipping, specifically in the context of the Strait of Hormuz disruptions. This stance was reiterated during the AZEC Plus meeting, highlighting the importance of open energy markets for global growth.

Key Discussions at AZEC Plus Meeting

• Objective: Address supply chain disruptions in energy markets.
• Leadership: Hosted by Japan's Prime Minister Takaichi Sanae, the meeting included leaders from Asian countries and key international organizations.
• Focus: The necessity for Asian countries to collaboratively tackle energy and resource supply shortages, notably those passing through the Strait of Hormuz.

Launch of POWERR Asia Initiative

The meeting introduced the Partnership On Wide Energy and Resources Resilience (POWERR Asia), targeting emergency and structural responses to energy challenges.

• Emergency Responses: Includes financing for crude oil procurement and maintaining supply chains.
• Structural Responses:
  • Establishing stockpiling and release systems.
  • Constructing storage tanks to extend crude oil reserves.
  • Diversifying energy resources and promoting energy-saving initiatives.
• Financial Support: Approximately $10 billion, equivalent to a year's crude oil imports for ASEAN.

Participation and Collaboration

• Notable attendees included leaders from the Philippines, Malaysia, Singapore, Thailand, Vietnam, Timor-Leste, Bangladesh, and South Korea.
• The initiative was welcomed as a means to stabilize Asian countries and strengthen Japan's resource procurement strategies.

The meeting also contributed to the realization of the Free and Open Indo-Pacific (FOIP) strategy, with representatives from the Asian Development Bank, Economic Research Institute for ASEAN and East Asia, and the International Energy Agency participating.