Protectionism in Maritime Economies Study
Overview
ICS’ global trade Protectionism in Maritime Economies Study outlines the protectionist trade policies being implemented by governments worldwide. It demonstrates that if countries cut restrictive maritime trade policies it could help boost GDP by as much as 3.4% for national economies.
Cutting restrictive measures
The Study shows how each of the 58 countries analysed can identify and reduce its restrictive measures to lower the cost of doing business and increase its share in global maritime trade, which was estimated at US$14 trillion in 2019.
This includes both tariff and non-tariff restrictions, such as anticompetitive licensing laws and discriminatory treatment of foreign companies, found to be up to five times worse than tariffs themselves.
Pathways for reform
Four scenarios are provided for potential policy reform, demonstrating real GDP gains for national economies if trade restrictive measures are reduced. The degree of benefit is largely dependent on a country’s level of ambition.
It is hoped governments will use the Study to better navigate the economic impact of COVID-19, which is being compounded by the knock-on effects of growing trade protectionism and inward-looking policies.
The Protectionism in Maritime Economies Study provides tangible ways in which countries can boost economic growth in difficult times.
Country scores
46 maritime nations, accounting for the vast majority of the global economy, have been analysed and given a Protectionism in Maritime Economies (PRIME) score according to how restrictive their trade policies are, based on factors such as management and licensing rules, government integrity, and tariffs. The PRIME score is a single number that allows general comparison by aggregating the different measures of a country’s trade policies.
Country Profiles are also provided covering all national economies assessed in the research. Summaries of all country profiles are provided below, breaking down the PRIME scores for individual nations.
