Friday, 17 May 2019 13:42

Shipping industry voices concern over trade developments

561 Trade

 

At the World Trade Organization (WTO) in Geneva, several delegates representing international shipping have expressed concern over recent increases in protectionist measures. Representatives from thee International Chamber of Shipping (ICS), the Asian Shipowners’ Association (ASA) and the European Community Shipowners’ Associations (ECSA) presented two papers highlighting that there has been a seven-fold increase in import-restrictive trade measures since 2017. This represents an additional USD 588.3 billion of additional costs to global trade. An additional 137 new trade-restrictive measures were put in place between 2017 and 2018, adding further costs. The sector is fully committed to the preservation and promotion of free trade policies and principles around the world, and the group is encouraging WTO Member States to ensure that both bilateral and regional agreements do not conflict with their current national schedules of commitments, as agreed within the framework of the WTO.

 

 

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