The World Trade Organization’s (WTO) latest Trade Monitoring Report on G20 trade measures shows a slowdown in the number and coverage of trade-restrictive and trade-facilitating measures on goods implemented by G20 countries between mid-May and mid-October 2020.
The report notes that this slowdown is primarily a result of the sharp decline in overall global trade since the start of the COVID-19 outbreak.
Although world trade had already been slowing before the pandemic, merchandise exports in nominal USD terms was down 21 percent in the second quarter of 2020 compared to the previous year, while commercial services exports was down 30 percent.
The report also documents numerous trade-facilitating and support measures introduced by G20 economies in response to the economic downturn in order to prepare the ground for a strong economic recovery.
Commenting on the report, WTO Deputy Director-General Yonov Frederick Agah said: “COVID-19 has resulted in an almost unprecedented drop in economic output and trade. Trade will play a fundamental role in making a strong economic recovery possible, so it is encouraging to see the general commitment by G20 countries to keep trade flowing.”