00:00CARACOM is expressing serious concern at the continued hostilities in the Middle East,
00:04marked by a military standoff in the Strait of Hormuz.
00:07In a statement, CARACOM said it is alarmed by the severe loss of life,
00:11threats to civil infrastructure and the instability in global markets
00:15that have resulted from the ongoing conflict.
00:17CARACOM said on Monday, these recent developments in the Middle East
00:21have profoundly affected maritime transport through the Strait of Hormuz,
00:25through which the rite of passage applies under the United Nations Convention
00:29on the law of the sea.
00:30Newsweek reported on Monday that Iran has announced the formation of a new body
00:35to manage the Strait of Hormuz amid deadlocked peace talks with the United States
00:39and a standoff over the shipping route that is vital for global oil trade.
00:44Newsweek also reported that ahead of last week's Beijing summit
00:47between U.S. President Donald Trump and China's President Xi Jinping,
00:52senior American and Chinese officials said no country can be allowed
00:56to collect shipping tolls in the strait.
00:59U.S. President Donald Trump announced on Monday that the U.S. will not be doing
01:03a scheduled attack of Iran tomorrow as serious negotiations are now taking place.
01:08CARACOM noted that the disruption of transit passage has consequences
01:12which reverberate across the global economy through energy markets, supply chains
01:17and increased freight costs, thereby limiting countries' access to critical supplies
01:23and disproportionately affecting the small-import-dependent states.
01:28Trinidad and Tobago is among the member states of CARACOM.
01:31On Monday, CARACOM noted that all of its member states are parties to the United Nations Convention
01:36on the law of the sea and that the rights conferred are binding on all states
01:40regardless of whether they are state parties to it.
01:44CARACOM also notes the right of passage under the U.N. Convention on the law of the sea
01:48should not be contingent on any license, levy or authorization
01:51and bordering states should not hamper or suspend transit passage.
01:56CARACOM is calling on all concerned parties to uphold and respect the right of transit passage,
02:02comply with all other applicable obligations under international law,
02:06restore safe and unimpeded transit passage in the strait of Hormuz
02:10and ensure the safety of seafarers and vessels.
02:14CARACOM is urging cessation of hostilities and stresses the urgent need for de-escalation
02:19and restraint by all parties.
02:21Jewel Brown, TV6 News.
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