In a joint statement issued after meetings in Paris, the G7 officials said it was “imperative” to restore normal transit through the strategic waterway, which handles a substantial share of global oil and liquefied natural gas shipments.

The statement was released following discussions among finance chiefs from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as tensions linked to the Middle East conflict continue to disrupt international trade and energy flows.

The ministers also emphasized the need to address widening global current account imbalances and reaffirmed their commitment to multilateral coordination in responding to threats facing the world economy.

The G7 warned against arbitrary export restrictions and stressed the importance of maintaining stable and predictable energy markets at a time of heightened geopolitical uncertainty and supply chain volatility.

The Strait of Hormuz, located between Iran and Oman, remains one of the world’s most strategically significant maritime chokepoints. Any disruption to traffic through the corridor can have immediate consequences for oil prices, shipping costs and inflationary pressures across major economies.

The latest G7 statement reflects growing international concern over the economic fallout from escalating regional tensions and the broader impact on global trade, energy security and financial markets.

Marcos told reporters he had consulted counterparts across the 10-member bloc on whether to postpone the gathering, but leaders agreed that coordination was more critical given the external shocks affecting fuel supply chains, food prices and migrant workers.

“The consensus that we came to is that it is precisely now that we must coordinate our efforts,” Marcos said.

The streamlined agenda will concentrate on immediate economic pressures facing Southeast Asia, including volatility in energy markets and rising food costs, which governments in the region are monitoring closely as geopolitical tensions persist.

ASEAN economies are particularly sensitive to fluctuations in global fuel prices due to their reliance on imports, while supply chain disruptions have added strain to domestic inflation dynamics in several member states.

Marcos said discussions would also address the welfare of migrant workers, a key issue for ASEAN countries that rely heavily on overseas employment. Regional governments have been assessing the impact of instability in the Middle East, a major destination for Southeast Asian labour.

The Philippine government has already flagged concerns about overseas workers in affected areas, reflecting broader anxieties across ASEAN about potential displacement and income disruptions.

The decision to proceed with the summit underscores ASEAN’s preference for continuity in regional dialogue despite global uncertainty. Marcos indicated that postponement was considered but ultimately rejected in favour of maintaining diplomatic engagement.

The summit is expected to retain core leadership interactions while scaling back ceremonial and extended policy sessions, reflecting what Marcos described as a need for efficiency under current conditions.