Together, the EU Member States make up the largest combined exclusive economic zone in the world,[i] and rely heavily upon a secure maritime domain to ensure safe passage for global trade and economic protection, and growth. The Red Sea has historically been a major conduit for European and global trade, benefitting foreign actors who hold a stake in the Red Sea, and littoral states alike. About 10% of all global trade passes through the Red Sea’s waters. [ii] By the year 2050, the Red Sea region’s GDP is projected to rise from $1.8 trillion to $6.1 trillion, more than tripling in size. Similarly, the region’s volume of trade, largely driven by the energy and oil sectors, is projected to expand from $881 billion to $4.7 trillion, growing fivefold in size.

Source: Washington Post May 18, 2023 00:38 UTC