WTO Report Shows G20 Trade Restrictions Increasing Amidst Economic Challenges

Source: WTO
In a context of economic uncertainty exacerbated by the COVID-19 pandemic, the war in Ukraine and the
food security crisis, G20 economies between mid-May and mid-October 2022 introduced export restrictions at an increased pace, particularly on food and fertilizer, according to the 28th WTO Trade Monitoring Report on G20 trade measures issued in November. WTO Director-General Ngozi Okonjo-Iweala called on G20 countries, and all WTO members, to refrain from adopting new trade-restrictive measures that can further contribute to a worsening of the global economic outlook. “While some trade-restrictive measures have been lifted by G20 countries, the report indicates that the trend has been going in the wrong direction. Export restrictions contribute to shortages, price volatility, and uncertainty. Click here to read more