Even China's growth is jeopardised by high oil prices

South Korea's Han Duck-soo told his colleagues that oil was "clouding the growth prospects" of the region.

The ministers gathered on South Korea's resort island of Jeju as the Asian Development Bank issued new warnings on the impact of rising oil costs.

ADB chief economist Ifzal Ali said many countries were feeling "major strains".

"We are seeing a huge increase in all import bills," he told a news conference at the bank's headquarters in Manila.

"Some of them are beginning to feel pressure on the external balance of payments."

Indonesian woes

The Asia-Pacific Economic Co-operation Forum (Apec), set up in 1989 mainly to promote trade among Pacific Rim states, now accounts for more than half of global economic output and almost half of all international trade.

Apec ministers are meeting in Jeju in the run-up to the organisation's annual summit in November.

Among the countries hardest hit by the oil crisis is Indonesia, which has seen a 10% fall in the value of its currency, the rupiah, this year because of high oil prices.

A fifth of the nation's budget goes on fuel subsidies and investors say they are concerned about the government's ability to finance the aid.

Plans to reduce the subsidies have met with a lukewarm response from analysts, who described them as vague and inadequate.

But Indonesian officials in Jeju, quoted by the Associated Press news agency, said drastic cuts of up to 60% were now being prepared.

Finance ministers will be also be discussing China's plans to float its currency and will try to stimulate progress in the Doha round of world trade talks, due to resume in Hong Kong in December.