Shipowners call on WTO for free trade
The international chamber of shipping, the Asian shipowners’ association and shipowners’ associations in the EU have all expressed concern over recent protectionist measures at the World Trade Organisation in Geneva and presented two position papers. 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, which has resulted in an additional USD 588.3 billion of additional costs to global trade. 137 new trade-restrictive measures were put in place between 2017 and 2018, which have added significant burdens and cost to the free movement of goods. (kd)