Trade-restrictive measures at historically high level: WTO

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Updated: July 22, 2019 9:49:27 PM

The restrictive measures does not augur well for India as these moves could also hurt the country's exports. India is a member of Geneva-based WTO since January 1995.

WTO, economy news, World Trade Organisation, WTO full form, global trade, import taxIncreasing trade tensions add to the uncertainty surrounding international trade and the world economy, the report noted.

Member countries of the WTO have imposed 38 new trade-restrictive measures during October 2018 and May 2019, mainly through tariff increases, import bans, and export duties. “Trade flows hit by new restrictions implemented by WTO members continued at a historically high level between mid-October 2018 and mid-May 2019,” according to a report of the World Trade Organisation (WTO). These measures, it said, are suggesting that the precarious situation in global trade will persist.

“WTO members applied 38 new trade-restrictive measures during the review period mainly through tariff increases, import bans, special safeguards, import taxes and export duties,” it said. Increasing trade tensions add to the uncertainty surrounding international trade and the world economy, the report noted.

The restrictive measures does not augur well for India as these moves could also hurt the country’s exports. India is a member of Geneva-based WTO since January 1995. The organisation frames rules for global exports and imports. It has 164 members so far.

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The report said that WTO members have implemented 47 new measures aimed at facilitating trade during the review period, including eliminating or reducing import tariffs, simplifying customs procedures, and reducing import taxes. The report also suggested the member countries to work together “urgently” to ease trade tensions and strengthen the WTO.

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