Shipping Industry Expresses Concern Over Recent Trade Developments

Major shipowners’ associations also give full support to the World Trade Organization.

A delegation from the International Chamber of Shipping (ICS), the Asian Shipowners’ Association (ASA) and the European Community Shipowners’ Associations (ECSA) has, at the World Trade Organization (WTO) in Geneva, expressed concern over recent increases in protectionist measures. Presenting two position papers to the WTO, the shipping sector has “fully committed to the preservation and promotion of free trade policies and principles around the world.”

This comes at a time when trade barriers are becoming more prevalent and represent a worrying trend for the delivery of sustainable economic growth. The papers highlight 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. The importance of this representation has been given heightened relevance following the decision by the United States of America to increase import tariffs on certain goods from China. Read more