WTO: G20 remains hotbed for trade restrictions

The World Trade Organization said that 85 new trade restrictions were implemented by the Group of 20 countries between mid-May and October 2016.    The World Trade Organization (WTO) said the number of trade restrictions imposed by the Group of 20 countries has continued to grow, despite ongoing global economic uncertainty and negative trade forecasts.
   The WTO noted in its 16th monitoring report of the G20 that 85 new trade restrictions were implemented by these countries during the review period, running from mid-May to October 2016.
   “It is clear that the financial crisis has had a long tail and that the world economy remains in a precarious state,” said WTO Director-General Roberto Azevêdo in a statement.
   “Many people are struggling with unemployment or low paying jobs and are concerned about broader changes in the economy,” he added. “These concerns demand a concerted response from governments and the international community. One step will be for G20 members to deliver on their commitment to refrain from imposing new trade-restrictive measures and roll back existing ones.”
   The largest volume of trade restrictions found during the WTO’s review period, many in the form of antidumping and countervailing initiations, covered metal products (in particular steel), chemicals, plastics and rubber.
   The G20 members are Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States.