In a call for immediate action on piracy, the International Chamber of Commerce (ICC) joins a growing number of parties urging governments to take action against the increasing number of pirate attacks occurring off the Somali coast.
Despite measures taken by the United Nations Security Council and the presence of naval units in the area of the Gulf of Aden, pirates continue to strike. More and more ship owners have had to resort to using private security firms to protect their seafarers and ships.
In 2010, the One Earth Foundation estimated the economic cost of piracy on the supply chain to be between US$7-12 billion.
"This is of great concern to any industry having to navigate through the Gulf of Aden to deliver goods by water," ICC said.
"As the World Business Organisation, ICC urges governments to recognise that piracy, in addition to its effect on the safety of seafarers, has an important financial impact on global trade and shipping, and furthermore poses increased threat on the stability and security of energy supply lines not only for major industrial nations," the call for action said.
ICC also called on governments to improve the rules of engagement given to the navies present in the area, and refocus the efforts of the UN and other international bodies to ensure that pirates are brought to justice and that required institutions in central Somalia are established to maintain economic and social standards.
