MANILA, Philippines: Peace and stability is 'paramount' for the Association of Southeast Asian Nations since any tension -- worse military confrontation -- in the South China Sea will dampen the region's economic takeoff.Visiting Singapore an Foreign Minister Vivian Balakrishnan made the remark on Tuesday in a joint press conference with Foreign Affairs Secretary Enrique Manalo.
Although Singapore has no claims in the SCS, 'the moment you have escalation of tension or collisions or worst military action in the South China Sea, it will immediately impair and impede trade,' Balakrishnan said.'It will increase insurance premiums.
Foreign Minister Warns SCS Tension To Dampen Asean Economic Takeoff
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