Since the start of the coronavirus pandemic, the G20 economies have implemented 140 measures related to merchandise trade estimated at $ 352 billion, the World Trade Organization (WTO) reported on Monday.
Of the 140 measures, 101 were to facilitate trade and represented $ 215.7 billion, the remaining 39 can be considered as restrictive were for $ 135.7 billion, the WTO detailed in the Trade Monitoring Report , which covers from October 2020 to May of this year. .
60% of the measures adopted were aimed at reducing or eliminating import duties and taxes and 90% of the restrictive measures had to do with the prohibition of exports.
Some G20 economies applied tariff cuts on products such as disinfectants and sanitizers, medical equipment, and drugs.
“Trade has been a positive force during the pandemic by allowing access to medical supplies. Despite the fact that the value of world merchandise trade fell by more than 8% in 2020, trade in medical supplies increased by 16% and that of personal protective equipment by 50% ”, detailed the WTO.
However, it warns, COVID-19 remains a “serious threat” to global trade and public health. “Vaccine production has been slow and uneven distribution, contributing to significant disparities in access between countries, especially in low-income developing economies.”
The measures that were implemented to deal with the pandemic have been running out. By mid-May, 22% of trade facilitation measures and 49% of restrictive measures had ended.
The restrictive measures in force represent 98.8 billion dollars and the facilitation measures amount to 69.5 billion dollars, according to estimates by the agency.
On non-pandemic products, the G20 economies applied 35 new trade facilitation measures and 26 new restriction measures. Facilitation coverage was estimated by the WTO at $ 438 billion, while restrictive measures on imports totaled $ 123.89 billion.
The services sector has been severely affected in all G20 countries, so many of the measures that affect trade in services implemented at the beginning of the pandemic were expanded to meet the challenges that the sector continues to face.
