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Manila Bulletin devider Business devider Trade & Industry devider ECCP on Red Sea tensions: No critical impact to Europe-PH trade

ECCP on Red Sea tensions: No critical impact to Europe-PH trade

Published Feb 1, 2024 07:07 am

Despite the armed tensions persisting along the Red Sea - a  major trading route connecting Asia to Europe - the European Chamber of Commerce of the Philippines (ECCP) remarked that the conflict has minimal effect on trade between European companies and the Philippines.

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ECCP President Paulo Duarte

ECCP President Paulo Duarte told reporters on Wednesday, Jan. 31 that the Red Sea conflict is “not a critical point for the European companies because they have established local manufacturing sites in the region.”

The situation can be overcome by companies so far, he added. Currently, the ECCP has 800 members in its network comprising European and Filipino companies that have mutual business engagements in the two regions.

However, he assured that the chamber is continuously observing how the situation will develop.

“But this can also be an opportunity for the Philippines to attract more European companies to the country so you reduce dependency on such things,” noted Duarte.

Since November last year, Yemeni Huthis have launched attacks on shipping activities along the Red Sea to protest the ongoing violence in the Gaza Strip.

According to the International Monetary Fund's (IMF) PortWatch platform, transit volume for shipments and naval vessels in the Suez Canal have dropped by 37 percent.

Maritime traffic through the Red Sea has also declined by 22 percent in a single month, based on a report from Agence France Presse.

The Suez Canal connects the Red Sea to the Mediterranean Sea, making it a vital shipping route for European trade.  

 

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