THE UK Department of Trade and Industry (DTI) expressed its support for the International Maritime Trade Competitiveness Act, reports Manila's BusinessWorld.

The act aims to tackle "unreasonably high" international shipping charges that are hindering both importers and exporters.

According to the DTI, this legislation will create a regulatory framework for the maritime industry, safeguarding businesses against unfair practices.

"This bill is a crucial step towards creating a level playing field for our businesses and ensuring that they can compete on a global scale," said Trade Secretary Alfredo Pascual.

Mr Pascual stated addressing the charges being imposed by international shipping lines will help reduce trade costs, which "could significantly boost economic growth."

"These fees are not only burdensome for our businesses, but they undermine our competitiveness in the global market."