Combined with the sweeping Trans-Pacific Partnership free trade agreement signed last month, the Chinese policy could help “ignite new trade,” according to Federal Maritime Commissioner Richard A. Lidinsky.
Federal Maritime Commissioner Richard A. Lidinsky, Jr. believes there will benefits to U.S. shippers from China’s new “One Belt-One Road” plan.
“The basic principles of ‘One Belt, One Road’ – regional cooperation, innovation, mutual market benefits, and economic growth for all countries involved – is consistent with the global maritime regulatory structure,” Lidinsky said during a speech at the 2015 World Shipping Summit in Guangzhou, China last Friday.
Combined with recent trade developments worldwide, such as the proposed Trans-Pacific Partnership, the Chinese policy has “the potential to help ignite new trade in regions of the world beyond our own borders,” said Lidinsky.
Lidinsky’s office noted the Chinese trade and development proposal “combines the ancient Silk Road with a maritime component moving westward from Asia towards Europe, and some parts of Africa. Late last week the Chinese government indicated that Hong Kong and Taiwan could be participants in the new effort as well.”
“The official U.S. government position is to seek clarity, and monitor initial developments in this area,” it added.
If the Trans-Pacific Partnership becomes a reality, Lidinsky said it will be natural for its participants, particularly U.S. exporters, to interact with the growth and maritime trade development in the one One Belt, One Road policy.
Lidinsky also said during his speech that there is a need for shipping alliances to develop better stowage and port rotation practices in order to prevent terminal congestion, and to come to grips with mega vessel overcapacity, which is causing rate instability.
FMC: U.S. exporters could benefit from China’s ‘One Belt-One Road’ plan
