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Abstract

Maritime trade plays a significant role in world economy especially in the area of world trade and commerce. It has become a dominant factor in the economic performance of both industrialised and developing countries. Freedom of the seas was the principle under which the ocean trade and commerce was conducted in the past. With the advent of globalisation, seaborne trade and commerce increased boosting world economies. One such region which facilitated maritime trade and commerce was the Indian Ocean Region. Being the third largest ocean, it has boosted maritime trade over the years. The region is abundant in natural resources which are essential for world economies. However, the trade in this region is not a smooth going affair as it is infested by maritime crimes, which impacts Sea Lanes of Communications through which trade transactions take place. There have been initiatives taken by the countries of the region at bilateral, regional and international levels to mitigate the threats to maritime trade and commerce. However, it is yet to be seen if these crimes could be curbed by these attempts. On the contrary, the region may become a hub of maritime crime proliferation in the future, impacting world economies drastically.
Other setting(s):
Post Cold War period

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Abstract

Maritime trade plays a significant role in world economy especially in the area of world trade and commerce. It has become a dominant factor in the economic performance of both industrialised and developing countries. Freedom of the seas was the principle under which the ocean trade and commerce was conducted in the past. With the advent of globalisation, seaborne trade and commerce increased boosting world economies. One such region which facilitated maritime trade and commerce was the Indian Ocean Region. Being the third largest ocean, it has boosted maritime trade over the years. The region is abundant in natural resources which are essential for world economies. However, the trade in this region is not a smooth going affair as it is infested by maritime crimes, which impacts Sea Lanes of Communications through which trade transactions take place. There have been initiatives taken by the countries of the region at bilateral, regional and international levels to mitigate the threats to maritime trade and commerce. However, it is yet to be seen if these crimes could be curbed by these attempts. On the contrary, the region may become a hub of maritime crime proliferation in the future, impacting world economies drastically.

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Other setting(s):
Post Cold War period

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