The World Trade Organization’s (WTO) trade monitoring report released on Monday 28 June shows that G20 countries have limited the effects of the trade slowdown. According to the organisation, coordination and moderation at the multilateral level has been central to keeping supply chains open.
Despite the contraction in trade in goods in 2020, global trade in medical supplies and personal protective equipment increased by 16% and 50% respectively, according to the report.
“The multilateral trading system has once again proved its worth. As was the case during the global financial crisis more than a decade ago, it has been a strong and effective bulwark against accelerating protectionism in the face of the worst economic and health crisis in generations”, said WTO Director General Ngozi Okonjo-Iweala.
Since the start of the pandemic, G20 countries have put in place 101 trade facilitation and 39 trade restriction measures. Export bans accounted for more than 90% of all restrictive measures in the period from mid-October 2020 to mid-May 2021.
Three G20 countries have temporarily removed tariffs on Covid-19 vaccines.
Ms Okonjo-Iweala called on G20 members to continue efforts to facilitate trade: “Although the report's findings indicate that measures restricting trade are declining, G20 economies have more work to do to ensure the free flow of life-saving medical supplies and inputs”.
See the WTO report: https://bit.ly/3dwJwvR (Original version in French by Léa Marchal)