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January 2 2023

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Januar y 2, 2023 | Journal of Commerce 73 EXECUTIVE COMMENTARY 2023 ANNUAL REVIEW & OUTLOOK Government impediments to the flow of cargo. In recent years, the commis- sioners governing the key regulatory authority for ocean transportation — the US Federal Maritime Com - mission (FMC) — has undertaken extensive outreach, including the notable fact-finding investigations on detention and demurrage and transportation data initiatives. Since 2021, with the establishment of the National Shipper Advisory Commit - tee (NSAC), the FMC has gained an invaluable resource to craft effec- tive regulations. This committee is composed of highly experienced individuals representing exporters and importers tasked by Congress to advise on policies related to the international freight delivery sys - tem. The law establishing the NSAC states that the FMC shall consult with and consider recommendations from the NSAC before taking any significant action. New York New Jersey Foreign Freight Forwarders & Broker Association Jeanette Gioia President The success of the Ocean Shipping Reform Act of 2022 (OSRA-22) will depend on US mari - time regulators' understanding of the real-world logistics challenges and systems through which cargo moves as they write implementing regulations. These will need to be finely balanced to provide the proper guard rails in protecting against unreasonable practices while avoid - ing creating unintended variety in global transport logistics, through ensuring a level playing field for all actors. Another key focus area should be to foster multimodal transport. Freight forwarders, with their expertise and know-how on all transport modes, are well-placed to work with policymakers to develop the necessary infrastructure and policy to facilitate this. However, while alternatives help diversify risk, building the infrastructure needed to support these options takes time. In 2023 and beyond, governments need to work more closely with industry actors to develop a regulatory framework that is fit for purpose, as well as future- ready transport infrastructure. Importantly, governments across the world should also establish con - sistent dialogue with each other. Geopolitics demonstrate our global interdependence, and we must be ready to tackle them together. ▶ "Regulations need to accommodate the continued evolution of international ocean shipping." Jeanette Gioia – 200+ speakers from S&P Global and across the global petrochemical industry – Executive Conference featuring timely discussion on issues emerging in the global market from senior executives – Breakout Tracks spanning the full value chain and providing strategic assessments, outlooks and new developments – Special Programs exploring innovation, sustainability, and regional markets – Genius Exchange showcasing solutions to launch your business into future growth and success – Numerous networking opportunities to connect, discuss and collaborate with industry peers – Virtual platform to access program content and network – 4 Training Courses designed to dive deeper into key markets Learn more: Delegate and partnership questions: Ben Kinberg | | +1 212 425 8116 WPC 2023 38th World Petrochemical Conference 20-24 March 2023 | Hilton Americas | Houston, TX The World Petrochemical Conference 2023 will be a critical forum for global chemical industry executives, senior leaders from supply chain and other organizations plus S&P Global experts to discuss the path of industry transition to a lower carbon footprint amid the current and forecast industry cycle. This event will provide unparalleled insights, detailed data and analysis, and outlooks that clients and customers have come to expect from S&P Global. WPC 2023 at a glance:

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