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            october 21, 2019

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G20 continues to restrict trade


The 20 leading economies in the world - known as the G20 - are doing more to restrict trade than to liberalise it, says two bodies each known to represent rich and poor countries, reports Reuters.
That was the view of affluent Organisation for Economic Cooperation and Development (OECD) as well as the poorer, the United Nations Commission for Trade and Development (UNCTAD).
Their monitoring report, with input from the World Trade Organisation (WTO). said G20 countries had put in place 112 new trade restrictions in the six months to mid-May.
Although that was less than the 116 protectionist policies in the previous six months, "it is clear that overall trade restrictions have continued to accumulate," the report said.
"The majority of trade-restrictive measures taken by G20 members since the global financial crisis remain in place," said the report. Goods most affected were electrical machinery and pharmaceutical products.

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