AS per
WTO latest report, restrictive trade measures introduced by G-20 economies
since 2008 continue to rise. Given the continuing uncertainties in the global
economy, the report stresses the need for countries to show restraint in
imposing new measures and to eliminate more of the existing measures.
The report
says that of the 1,244 restrictive measures recorded since the onset of the
crisis in 2008, only 282 have been removed. Over the past year, the number of
restrictive measures in place has increased by 12 per cent. However, the number
of restrictive measures affecting exports declined significantly from mid-May to
mid-October 2014. The report also underlines that the overall trade policy
response to the crisis has been significantly more muted than originally
expected.
Key Findings of WTO Report on G-20 Trade Measures
• This report shows that the stock of restrictive trade measures introduced by
G-20 economies since 2008 continues to rise despite the pledge to roll back any
new protectionist measures that may have arisen.
• Continuing uncertainties in the global economy underline the need for G20
economies to show restraint in the imposition of new measures and to
effectively eliminate existing ones.
• Of the 1,244 restrictive measures recorded by this exercise since the onset
of the crisis in 2008, only 282 have been removed. The total number of
restrictive measures still in place now stands at 962 – up by 12% from the end
of the reporting period in November 2013.
• G-20 economies applied 93 new trade restrictive measures during the period
between mid‑May and mid-October. This equates to over 18 new measures per
month, which is unchanged compared to the previous period. A positive
development saw the number of restrictive measures affecting exports decline
significantly during the period.
• G-20 economies introduced 79 trade‑liberalizing measures during the period
under review. Measured per month this figure is also unchanged compared to the
previous period.
• Greater transparency is needed from G-20 members in order to improve the
understanding of the operation and effects of non-tariff barriers to trade.
These behind-the-border measures include regulatory measures and subsidies.
• While this report shows that the stock of new trade restrictive measures has
continued to rise, it also supports the conclusion that the overall trade
policy response to the 2008 crisis has been significantly more muted than
expected based on previous crises. The multilateral trading system has acted as
an effective backstop against protectionism.
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