The ocean economy , a fundamental pillar of global trade, is facing several challenges due to environmental crises and geopolitical tensions, leading the United Nations Conference on Trade and Development (UNCTAD) to call for urgent action to sustain ocean-driven prosperity.
According to UNCTAD’s latest Global Trade Update , key sectors such as maritime transport, tourism, fisheries, and marine energy accounted for 7% of global trade in 2023 , with a value exceeding $2.2 billion.
The report highlighted that rising sea levels, pollution, and biodiversity loss threaten port infrastructure and coastal communities. Furthermore, trade fragmentation and the imposition of new tariffs could disrupt supply chains and hinder investment in sustainable sectors.
Therefore, UNCTAD, within the framework of the United Nations Ocean Conference (UNOC3), taking place from June 7 to 13 in Nice, France, issued an urgent call for the implementation of stricter standards and smarter infrastructure to sustain ocean-driven prosperity.
The organization emphasized the need for policy reforms to strengthen the ocean economy , such as taking steps to modernize maritime infrastructure, eliminate harmful subsidies, and close loopholes in international waters, as well as enabling more equitable trade among developing countries.
The UNCTAD report noted that more than 600 million people depend on activities such as fishing. It also noted that in 2023, trade in ocean-going goods reached $900 billion, while trade in services reached $1.3 billion. International coastal and maritime tourism alone generated $725 million, representing one-third of ocean-going trade.
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