Speaking in Tokyo, the Chairman of the International Chamber of Shipping (ICS), Esben Poulsson, gave emphasis on serious concerns regarding the challenge that the US presented ‘to the proven benefits of multilateralism and the existing global trading order’ .
Mr. Poulsson mentioned that the US has legitimate worries about the policies of some of its trading partners, particularly as far as China and South Korea are concerned, regarding their possible contribution towards overcapacity in shipping.
ICS genuinely believes that these are issues which can best be resolved through continued co-operation and dialogue, working through those international institutions which the U.S and others have successfully helped to establish and of which governments such as China and South Korea are generally supportive.
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He also added that, that until now there are more than 100 trade complaints which the US has brought to the WTO for adjudication. This amount is the most cases than any other country has put forward, with the US having won over 90% of them.
Continuing, Mr. Poulsson noted that it is easy to overlook that demand for maritime transport has increased by about 30% since 2008. In fact, the annual volume of cargo carried by sea, now is over 10 billion tonnes.
Sluggish growth in many OECD economies has largely been compensated by the impressive growth in demand for shipping from China and other emerging economies which now account for over 50% of global shipping demand.
He explained.
Finally, ICS Chairman highlighted that the influence of the shipping industry on the geopolitical and trade policies that governments might choose, is limited.
However, he said than the shipping industry has to explain the negative implications of policies that may seriously damage long term economic development.
