05 Aug Global protectionism detrimental to shipping industry
This month saw over 120 industry leaders from nearly 30 nations congregate for the Shaping the Future of Shipping Summit, which primarily focused on the current rise of global protectionism and its adverse impacts on shipping, customers and global trade.
With shipping responsible for transporting over fourteen trillion dollars’ worth of goods each year, each trade barrier that is introduced inevitably creates more complexity for shipping, results in higher costs for customers and damages national import and export market competitiveness.
In addition, unilateral, protectionist actions such as tariffs not only fail to influence the acts, policies and practices of other countries, but overall negatively impact global trade and ultimately reduce growth for all, which at a time when the market is also grappling with challenges such as the race to net zero and labour availability, is not optimal for peak economic growth or health across the global economy.
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