After Hormuz, the challenge of Eurasian routes: in Rome, the Customs authorities are charting new courses
On Friday, an international conference will bring together institutions, experts and business representatives. The focus will be on alternative trade routes – from IMEC to Iraq’s Development Road – and the need to make trade between Europe, the Gulf and Asia faster and more secure.
Key points
The crisis in the Strait of Hormuz has transformed the geography of international trade into a matter of economic security. With shipping routes exposed to military tensions and transport and insurance costs under pressure, governments and businesses are being forced to reconsider routes, suppliers and infrastructure. This transformation also directly affects Italia, which is called upon to defend the competitiveness of its manufacturing sector and to strengthen the role of its ports in connections between Europe, the Mediterranean and Asia.
The international conference ‘The Hormuz Crisis and the New Eurasian Trade Routes. Challenges and Opportunities for Customs Policies’, scheduled for Friday 30 October in Rome. The initiative, organised by the Italian Customs and Monopolies Agency with technical and scientific support from the Institute for International Political Studies (ISPI), will bring together institutional representatives, customs authorities, research centres and the business community to discuss the consequences of the crisis and possible responses in terms of logistics and regulation.
From Imec to the Middle Corridor
The Hormuz crisis was merely the culmination of a period of profound restructuring of trade flows. The war in Ukraine had reduced economic relations between the European Union and Russia, whilst tensions in the Red Sea had highlighted just how much the security of maritime traffic depends on a few strategic chokepoints. The diversion of ships towards the Cape of Good Hope, with the resulting increase in journey times, confirmed the economic costs of such disruptions and the need for alternatives.
Among the projects set to attract attention are the India-Middle East-Europe Economic Corridor (IMEC), the Middle Corridor through the Caucasus and Central Asia, the Iraqi Development Road and the Saudi Landbridge. These are different initiatives united by the common goal of strengthening links between markets and reducing dependence on the most vulnerable routes.
For Italia, the key issue is the opportunity to establish a firm foothold in these new trade flows, capitalising on its position in the Mediterranean and its port and rail infrastructure. Trieste and the Adriatic corridor could serve as key access points for traffic heading towards Central Europe, provided that this geographical location is matched by competitive logistics services, connections to the hinterland and efficient procedures.
