"There is a clear need to keep trade flowing, both to ensure the supply of essential products and to send a signal of confidence for the global economy", says the Organisation for Economic Co-operation and Development (OECD) in an analysis on the role of trade policy in the coronavirus crisis, published in mid-April 2020.
Confidence in globalisation, which was already lacking even before the crisis, was subsequently undermined by the export restrictions and other trade barriers put in place by many governments.
This is what the OECD is calling to fight for: "Keeping trade flowing requires co-operation and trust – for example, that the market will supply essentials, that countries will not impose export restrictions and that imports do not pose health risks", the document says.
In the face of uncertainty about the COVID-19 pandemic, which continues to spread in waves around the world, the organisation advocates improving the transparency of trade policies, notably through the WTO.
Moreover, the Organisation supports any plurilateral initiative within the WTO framework aimed at reducing or eliminating tariffs on products, an initiative also supported by some European countries and the Parliament (see EUROPE 12471/7, 12468/15).
Finally, the organisation calls for a long-term vision, urging governments to start right away in putting the public interest ahead of vested interests in their decisions.
The OECD has also revised its growth estimates published in March 2020: it estimates a decline in annual GDP growth of 2 percentage points for each month spent under containment measures,
To view the study: https://bit.ly/3eAlZsQ (Original version in French by Hermine Donceel)