Maritime nations warn of trade fragmentation
Eighteen countries warned that armed conflicts, trade wars, and extreme climate phenomena affecting maritime supply chains indicate a structural shift in global trade, rather than just temporary events. The shipping advisory group confirmed that escalating tensions, such as the closure of the Strait of Hormuz and the trade war between the United States and China, are deepening the erosion of the rule-based maritime system and increasing the risks of disruptions to international commerce, amid rising costs and growing instances of sanctions evasion. They also called for the implementation of transparency principles and global information sharing to ensure stability in the shipping sector and to maintain the sustainability of the global economy.
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