Italy declares profound impact of ongoing Red Sea tensions on trade system
(MENAFN) Italian Foreign Minister Antonio Tajani has highlighted the profound impact of the ongoing crisis in the Red Sea on Italy's trade system, stating that it has "transversely and horizontally affected the entire Italian trade system." This statement was conveyed through a letter sent by Tajani to the local maritime transport association, Assarmatori, as reported by an Italian news agency. Tajani's message underscores the widespread consequences of the crisis, affecting various sectors and emphasizing the urgent need for coordinated efforts to address the situation.
In response to the escalating threat, the European Union initiated a naval mission on February 19, with Italy playing a significant role. This mission, named "Aspedes," aims to protect commercial ships navigating the Red Sea from Houthi attacks. Tajani explained that the crisis's impact extends beyond the production sectors, which are among the hardest hit. It also encompasses the entire supply chain, from value chains and logistics services to service providers like insurance companies. This comprehensive disruption highlights the interconnected nature of global trade and the broad-reaching implications of regional conflicts.
Additionally, Tajani noted that trade flows with some of Italy's key economic partners, including the Gulf states, China, Japan, and India, are particularly at risk due to the crisis. The Ministry of Foreign Affairs has been meticulously monitoring trade activities through the Red Sea, assessing potential repercussions on Italy's production system since the first signs of trouble appeared. This vigilant approach reflects the importance of the Red Sea as a crucial maritime route for international commerce and the necessity of ensuring its security and stability.
The Italian minister emphasized that his ministry has undertaken various assessments to gauge the crisis's impact, aligning these evaluations with the requirements for regional security and stability. Protecting the principles of freedom of navigation and trade remains a priority. Tajani's comments highlight the extensive efforts being made to mitigate the adverse effects of the crisis on Italy's trade and economic relations. These efforts include engaging with international partners and implementing measures to safeguard the supply chain and maintain the flow of commerce despite the challenging circumstances.
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