Kuala lumpur: ASEAN may consider bringing in the private sector to help realise the newly-mooted oil stockpiling framework aimed at strengthening the region's long-term energy security and preparedness. Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani revealed that the idea for the oil stockpiling framework was raised during one of the ASEAN meetings he attended here today.

According to BERNAMA News Agency, Johari emphasized that the government alone might not be able to execute this initiative. He suggested that to effectively implement the framework, private sector involvement is necessary. Johari proposed that among the 11 ASEAN members, three or four like-minded countries could take the lead in this initiative.

The minister highlighted that the proposed framework, once established, would enable all ASEAN member states to access the stockpile, thereby attracting more investment into the energy sector. Additionally, Johari disclosed that discussions at the meetings also focused on the US-Israel-Iran war and US tariffs, both of which have impacted almost all ASEAN countries, including Malaysia.

Johari further commented on the Malaysia-US Agreement on Reciprocal Trade (ART), expressing optimism about the progress being made. However, he noted that the ongoing conflict is causing significant economic damage across the region while they await the finalisation of the ART.