WTO's 21st Monitoring Report on trade measures of the bloc was issued on June 24 and comes days ahead of the G20 summit in Japan.
The G20 countries have imposed as many as 20 new trade-restrictive measures such as high customs duties and import bans between October 2018 and May this year, according to a WTO report. G20 members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Russia, the UK, the US, among others. “In terms of numbers, G20 economies implemented 20 new trade-restrictive measures between mid-October 2018 and mid-May 2019, including tariff increases, import bans and new customs procedures for exports,” the report said.
WTO’s 21st Monitoring Report on trade measures of the bloc was issued on June 24 and comes days ahead of the G20 summit in Japan. These measures impact both exports and imports of the member countries including India. Commenting on the report, WTO Director-General Roberto Azevêdo said these findings should be of “serious concern” for the whole international community.
“We urgently need to see leadership from the G20 to ease trade tensions and follow through on their commitment to trade and to the rules-based international trading system,” he said. Further, the report said a total of 29 new measures aimed at facilitating trade, including eliminating or reducing import tariffs, export duties and eliminating or simplifying customs procedures for exports were also implemented by the G20 economies.