Hong Kong Maritime Week Summit Highlights Threats to Free Trade

The International Chamber of Shipping (ICS), the Transport and Logistics Bureau of the Government of Hong Kong, the Hong Kong Shipowners Association and the Hong Kong Maritime and Port Board, convened for a trade summit on November 18.

The Hong Kong Global Trade Summit drew nearly 300 delegates from 28 countries, including ministers and senior policymakers from 12 nations, the European Commission and international organisations and CEOs of companies from the maritime value chain.

The Summit addressed the challenges facing maritime trade including growing political tensions, the proliferation of protectionism and the increasingly unpredictable and disruptive global landscape.

Opening the Summit, ICS Chairman Emanuele Grimaldi set the scene by saying: “As the world recovers from the COVID pandemic this system [the global maritime transportation system] of free trade faces significant challenges due to an increasingly volatile geopolitical environment, including threats to long-standing free-trade principles and the global maritime regulatory framework. The growing pressure of geopolitical tensions, changing political dynamics and threats to traditional norms are all creating a climate of uncertainty. The urgent need to address climate change is putting food security, energy supplies and the risk to the global economy firmly on the radar.

“We also recognise that the success of our industry is intertwined with the success of nations. At a time of increasing disruption and volatility we must seek to bring greater understanding to reduce risk and support global trade. No one wins if we all lose, so we need to find ways to ensure that we can all prosper…. We already have the structures and institutions to find solutions… In our rush to address problems please remember what we already have and use them, empower them to deliver for us.”

Secretary General of the IMO, Arsenio Dominguez, provided a keynote address by video and reiterated the importance of collaboration and global regulations: “It is only by working and engaging with each other that we can find solutions to the risks and disruptions that arise… I emphasise here the need for cohesive global regulations. Shipping is inherently international and unilateral and regional rules can undermine the regulatory framework agreed upon at IMO.”

Speaking on the IMO 2023 GHG strategy and the clear ambition for international shipping to reach net zero emissions by or around 2050 Dominguez said: “Member states remain strongly committed to achieving this goal. Currently mid-term measures are being developed, including a GHG fuel standard and an economic pricing mechanism.”

Many participants at the Summit took the opportunity to highlight the plight of the Galaxy Leader crew on the almost one-year anniversary since being taken captive on the 19 November by Yemen’s Houthis. The industry called on States with influence to assist in this matter.

Closing the Summit was a conversation between Johanna Hill, Deputy Director General of the World Trade Organization, and David Shukman. Hill said: “The shipping industry has deep pride for the work that it is doing. It’s international nature, the critical role it plays in international trade, and the well-being of its seafarers and the well-being of society as a whole… In the trade world we see shipping as an integral part of the business that we are doing, and that is why we are here today…. I welcome very much the support to a free and open trading system.”