The Arctic Economic Council (AEC) is concerned about the recent increased protectionism in global trade, and especially about the US announcement about a 25% tariff for imports of steel and 10% tariff on aluminum.
As AEC said, the new tariffs will impact the global economy and cross-border commerce, while they can also affect negatively the Arctic trade.
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Chairman of the AEC, Mr. Tero Vauraste, said:
Market access is a prerequisite to economic growth and development. It also helps secure predictability for businesses operating internationally. The AEC works to foster strong market connections within the Arctic as a vital part of international value chains.
Freedom of trade is vital for AEC, to ensure the responsible development of the Arctic region. Responsible business operations in challenging Arctic conditions require the best possible knowledge and technology, and thus, unrestricted transfer of technology.
The Arctic has great potential but limited size and to achieve the region’s potential efficiently, the Arctic businesses depend on free access to markets within the Arctic region and globally.
The latest increased protectionism can impact the trade between the Arctic countries, putting in danger the economic development of the region.
