• February 22nd, 2024

The Association of Mediterranean Chambers of Commerce (ASCAME) warns about the rise of trade protectionism and its impact on the Mediterranean, which has caused a 7% drop in global GDP. Faced with this return of trade protectionism, the institution warns about the risks posed by the restrictions on trade, investment and technology transfer that are already being applied by some countries. One of the main consequences is the impact that these protectionist policies will have on their foreign trade and their ability to attract foreign investment, which will require urgent measures and binding coordination between the Mediterranean countries and the EU before the situation becomes even more critical.

ASCAME warns that protectionist measures, some improvised and experimental, are intended to protect national economic interests and support the most disadvantaged classes. However, these measures are taking a heavy toll on subsidies, debt, taxes, tariffs, and inflation, and impact on climate change and green transition strategies.

ASCAME calls on multilateral organizations and the international community to negotiate a global growth pact and to keep united to prevent the rise of protectionism: “Today, more than ever, it is essential to provide a global response that fosters free trade, prevents unfair competition and promotes synergies between countries in order to move forward together towards the current challenges of the world and especially the Mediterranean region.”