Drop in number of steps taken by G-20 nations to boost trade: WTO report

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New Delhi | Published: December 17, 2015 1:17:01 AM

Even as the 10th Ministerial of the World Trade Organisation (WTO) gets under way in Nairobi to facilitate smoother global trade, a new report has revealed that the G-20 nations...

Even as the 10th Ministerial of the World Trade Organisation (WTO) gets under way in Nairobi to facilitate smoother global trade, a new report has revealed that the G-20 nations have taken fewer steps to remove trade barriers in recent months than earlier, although the growth in restrictive measures imposed by them has remained stable.

Only 62 measures aimed at facilitating trade were initiated by the G-20 nations between mid-May and mid-October, with a monthly average of just over 12, the slowest pace since November 2013, according to the WTO report.

However, the G20, accounting for more than 85% of the world’s GDP, imposed 86 new trade-restrictive measures between mid-May and mid-October, with a monthly average of just over 17, the same pace at which the group had slapped curbs between mid-October 2014 and mid-May 2015, as noted in the previous report of the WTO.

Of the 1,441 trade-restrictive measures — including trade remedies — adopted by the G-20 economies since 2008 and recorded by the WTO, only 354 had been removed by mid-October 2015, it said. Consequently, the overall stockpile of restrictive measures introduced by G-20 continues to grow unabated.

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