19 July 2022
Canadian Custom Brokerage

Major economies continue to show restraint in use of trade restrictions

According to the latest World Trade Organization (WTO) Trade Monitoring Report on G20 trade measures, the World’s major economies have continued to exercise restraint in the use of trade-restrictive measures despite increasing economic uncertainty aggravated by the COVID-19 pandemic and the war in Ukraine.

During the review period covered by the report (mid-October 2021 to mid-May 2022), the estimated trade coverage of the regular import-facilitating measures introduced by G20 countries (USD 581.5 billion) far exceeded the trade coverage of import-restrictive measures (USD 18.2 billion).

The early part of the review period provided some encouraging news for a post-pandemic economic recovery, but the Omicron variant outbreak and the conflict in Ukraine had a significant impact on trade flows as result of specific trade-related measures adopted in response to the crises.

G20 members are: Argentina; Australia; Brazil; Canada; China; the European Union; France; Germany; India; Indonesia; Italy; Japan; the Republic of Korea; Mexico; the Russian Federation; Saudi Arabia; South Africa; Türkiye; the United Kingdom; and the United States.

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