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Home / Shipping News / International Shipping News / Cutting restrictive trade policies could boost global economic recovery from COVID-19 by 3.4%, finds International Chamber of Shipping
Cutting restrictive trade policies could boost global economic recovery from COVID-19 by 3.4%, finds International Chamber of Shipping
Countries around the world could boost their prospects of economic recovery from Covid-19 by reducing restrictive maritime trade policies, the International Chamber of Shipping (ICS) has found. An ICS report, entitled ‘Protectionism in Maritime Economies’ and co-authored with Professor Craig Van Grasstek of the Harvard Kennedy School of Government, found that reducing trade protectionism could see GDP gains for national economies increase by up to 3.4%.
By Jack Wittels (Bloomberg)
Governments must look again at eliminating practices that hinder trade if they want to fire an economic recovery once Covid-19 has been tackled, according to new research by a group representing many of the world’s shipowners.
Gross domestic product would jump by an average 1.1% for countries in the study if they cut tariffs on goods and removed punitive rules aimed at the maritime sector that make trade harder, the International Chamber of Shipping said in emailed research.
While goods tariffs often grab the headlines when it comes to international trade, rules that restrict shipping such as domestically flagged vessels being crewed by people from those countries often create far larger financial barriers, the report said.
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Home › Shipping News › Cutting Restrictive Trade Policies Could Boost Global Economic Recovery From COVID-19 By 3.4%: ICS
Cutting Restrictive Trade Policies Could Boost Global Economic Recovery From COVID-19 By 3.4%: ICS
February 24, 2021
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Countries around the world could boost their prospects of economic recovery from COVID-19 by reducing restrictive maritime trade policies, the International Chamber of Shipping (ICS) has found.
An ICS report, entitled ‘Protectionism in Maritime Economies’ and co-authored with Professor Craig Van Grasstek of the Harvard Kennedy School of Government, found that reducing trade protectionism could see GDP gains for national economies increase by up to 3.4%.
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