Opening Word document…
Arctic shipping is key to global trade.
WTI 18 – World Trade Institute, 1/9/2018, "Opening up the northern sea route will “change the face of trade”," https://www.wti.org/institute/news/479/opening-up-the-northern-sea-route-will-change-the-face-of-trade/
The opening up of the shipping route connecting East Asia with Northwestern Europe through the Arctic Ocean promises to be a major disruptor. Most trade goes by sea – in tonnage terms more than 90 percent – and the northern route is expected to cut roughly 30 to 40 percent off the time and distance between the continents. Since time is money, this makes it very attractive to shippers.
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