WTO says trade restrictive measures by G20 economies increased during 2023-24

There has been an increase in the trade restrictive measures introduced by G20 member countries during mid-October 2023 to mid-October 2024, a WTO report said on Wednesday. It said that during the review period, G20 economies introduced 91 new trade-restrictive and 141 trade-facilitating measures on goods, both of which mostly dealt with imports.

“The trade coverage of the trade-restrictive measures was estimated at USD 828.9 billion which was up significantly from USD 246.0 billion in the last G20 report,” the World Trade Organisation (WTO) said.

Similarly, the trade coverage of trade-facilitating measures grew to USD 1,069.6 billion (up from USD 318.8 billion), it added.

WTO Director-General Ngozi Okonjo-Iweala said that the report indicates a trade-restrictive trend, which should be a cause for concern.

“These measures, on both the import and the export sides, contribute to shortages, price volatility, and uncertainty. G20 economies must work to keep markets open and predictable, to enable goods to flow smoothly and foster the certainty that helps incentivise investment and job creation,” she added.

G20 members include India, Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, Russia, the UK, and the US, among others. “Trade restrictive measures introduced by G20 economies significantly increased in coverage over the past year,” according to the 31st WTO Trade Monitoring Report on G20 trade measures issued on November 13.