SBY urges ASEAN to be prepared for tough times

Protracted global imbalances, upward pressure on commodity prices, and the fallout from natural disasters and climate change are the most daunting challenges ASEAN members must address, President Susilo Bambang Yudhoyono says.

The future challenges were cited by Yudhoyono in his speech marking the opening of the 15th  ASEAN (Association of Southeast Asian Nations) finance ministers meeting in Nusa Dua, Bali, on Friday.

"There should be a concerted coordination among ASEAN members and the setting up of a global surveillance system to address the future challenges," said Yudhoyono.

"ASEAN needs to be adaptive and responsive to these challanges."

Among the imminent impacts of these challenges, he said, was the vulnerability of food and energy security.

Instabilities in the Middle East have caused oil prices to rise above US$100 per barrel, while weather uncertainties have undermined productivity in the argriculture sector.

Because of the unprecedented weather patterns, Indonesia has seen a disruption in its rice self-sufficiency program this year, and is planning to import to meet demand.

The country's imports of soybeans have skyrocketed by more than 15 percent this year, according to data from the Agriculture Ministry.

Later this evening, the finance ministers are scheduled to work on new economic policies aimed at strengthening development in the region.