Restrictive measures affect world trade, according to WTO
Geneva, Jul 25 (Prensa Latina) A substantial part of world trade has been affected by restrictive measures on new and accumulated imports, in a context where the countries need trade to rebuild themselves, an authorized source said.
According to a report from the World Trade Organization (WTO), 56 new rules that hinder trade, and are not related to the Covid-19 pandemic, were implemented between October 2019 and May 2020.
Among them were increased tariffs, banned imports, exports rights and stricter customs procedures for exports.
The new restrictions on imports affected goods worth 423.1 billion dollars, the third highest value since October 2012.
According to WTO estimates, the accumulative commercial coverage of the measures that discourage imports since 2009, and are still in force, amount to 1.7 trillion dollars, or 8.7% of all world imports.
That figure, has grown constantly since 2009 in terms of value and percentage of world purchases, the report added.
However, there is evidence that the WTO members are implementing policies to facilitate trade in all sectors during the revision period, with 51 new measures that are not related to Covid-19.
Those rules mainly included the elimination or reduction of tariffs and taxes on imports, the simplification of customs procedures and the reduction of exports rights.
|By the minute||Most read|