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Cost of Somali piracy falls, but West Africa piracy increasing: Report

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The cost of Somali piracy to the world economy declined by nearly 50% to $3.2 billion in 2013, an annual report has said. However, the report also pointed to an increase in piracy in West Africa, reports Reuters.

The report said lack of regional collaboration and information sharing made dealing with attacks in West Africa more challenging. A report author said the "constantly evolving" piracy tactics in West Africa make it "extremely difficult to isolate it from other elements of organized crime," Reuters reported.

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