On behalf of the European shipping industry, ECSA fully supports the resolution passed on 25 November in the European Parliament on the current crisis faced by the WTO.
The global shipping industry is responsible for the carriage of about 90% of world trade, and 76% of the EU’s trade is transported by sea. Any disruption to the functioning of the WTO will lead to dire consequences for Europe’s and global trade and economy.
“European shipping is fully aligned with the European Parliament on the WTO being the most appropriate international body ‘to strengthen multilateralism, promote an inclusive world economic order and foster an open, rules-based and non-discriminatory multilateral trading system’,” said Martin Dorsman, ECSA’s Secretary General.
“Should the WTO’s Appellate Body cease operations after 10 December 2019, Europe and the rest of the world will suffer serious economic and financial consequences.”
The European shipping industry expressed its concerns earlier this year on the breakdown of the multilateral trading system, when trade barriers are becoming more prevalent and represent a worrying trend for the delivery of sustainable economic growth. ECSA published its position paper on the issue to highlight the need for the WTO to be strengthened in order to safeguard a global level playing field.
“We support the EU’s call to resolve the current crisis faced by the WTO and its various functions in the best interests of all nations,” continued Mr Dorsman.