The WTO noted today (13.11.2024) that G20 economies have significantly increased their trade barriers over the past year, which has heightened uncertainty and price volatility globally.
Between October 2023 and October 2024, the G20 implemented 627 trade measures. This figure includes 91 restrictive measures y 141 trade facilitation measures, which have had a significant impact, especially on imported goods. “These measures have contributed to creating shortages, fluctuations in prices and an environment of greater uncertainty,” the report notes.
La WTO Director-General Ngozi Okonjo-Iweala, stressed the urgency of “working to keep markets open and predictable, to allow goods to flow smoothly and promote certainty that helps encourage investment and job creation.”
This report, prepared jointly by the WTO, the United Nations Conference on Trade and Development (UNCTAD) and the Organization for Economic Cooperation and Development (OECD), argues that the commercial value of restrictive measures reached $828.900 billion, a notable increase from the $246.000 billion recorded in the previous G20 report.
Similarly, the commercial value of the trade facilitation measures reached $1.069.600 billion, compared to $318.800 billion previously recorded.
The report also indicates a steady growth in the import restrictions implemented by G20 countries since 2009.
By 2024, the value of trade affected by these import restrictions In the G20 it is estimated at 2.328 billion dollars, representing 12,7% of the group's total imports or 9,4% of global imports.
export restrictions, during the reporting period, 22 were introduced. This number – says the WTO – is significantly lower than the annual average of around 50 measures recorded over the past three years and is closer to the level observed before the pandemic. However, “the trade coverage of these restrictions has increased substantially”.
A positive trend is the reduction of restrictions on exports of food, feed and fertilizers, which fell to 70 measures still in force since the beginning of the war in Ukraine. The trade coverage of these restrictions was reduced to $11.800 billion, compared with $29.600 billion last year.
During the period under review, “the average number of trade remedy measures initiated by G20 economies was 25,4 per month, approaching the maximum recorded in 2020 (28,6 per month),” the report said. It explains that this indicates the end of the slowdown observed between 2021 and 2023 in investigations into trade remedy measures.
In contrast, the monthly average of terminations of these measures was 7,5, the lowest since 2015. Anti-dumping measures continued to be the main trade policy tool, accounting for 63% of registered trade measures on goods.
The organizations highlight that many of the trends identified in this report not only pose challenges for international trade, but They also present opportunities to manage and mitigate trade tensions through a coordinated update of WTO rules.In this context, they urge to assume a leadership role and promote active cooperation to minimize the adverse effects of current policies at a global level.
G20 leaders are expected to address these challenges during their summit in Rio de Janeiro, Brazil, on 18-19 November. (Report)
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
