The International Monetary Fund (IMF) and the World Trade Organization (WTO) urged countries on Friday (24.04.2020/XNUMX/XNUMX) to refrain from imposing export or other commercial restrictions as the world battles the devastating COVID-19 pandemic.
The organizations noted in a statement that "some governments have taken measures to facilitate the import of medical products, such as reducing import tariffs, slowing customs clearance processes and streamlining licensing and approval requirements."
Similar attention should be paid to facilitating the export of key items such as medicines, protective equipment and ventilators.
While global trade rules allow for temporary export restrictions to prevent or alleviate critical shortages, “we urge governments to exercise caution in implementing such measures under the current circumstances,” they said.
"What makes sense in an isolated emergency can be seriously damaging in a global crisis," they warned.Such measures disrupt supply chains, depress production and divert scarce and critical products and workers away from where they are most needed.«.
"The result is to prolong and exacerbate the health and economic crisis, with the most serious effects likely to be felt in the poorest and most vulnerable countries."
IMF Managing Director Kristalina Georgieva and WTO Director-General Roberto Azevêdo also expressed concern about the dwindling supply of trade finance, which ensures that imports of essential food and medical equipment reach the economies where they are most needed. Moreover, despite the strong supply, Restrictions on the export of some foods are beginning to appear.
"The experience of the global financial crisis has shown that food export restrictions multiply rapidly across countries, creating uncertainty and increasing price increases," they said.
IMF and WTO heads call for lifting restrictions on trade in medical supplies and food https://t.co/5u91KkDrP4 pic.twitter.com/QYarGJodJ2
— WTO in Spanish (@OMC_es) April 24, 2020
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