Below are the key takeaways from the World Trade Organization’s nineteenth monitoring report on Group of 20 (G20) trade measures covering the period from mid-October 2017 to mid-May 2018.
- While G20 economies continue to implement trade-facilitating measures, the more worrying trend during this period is the increase in trade-restrictive measures which has come at a time of increasing trade tensions and associated rhetoric.
- This should be of real concern to the international community.
- At a juncture where the global economy is finally beginning to generate sustained economic momentum following the global financial crisis, the uncertainty created by a proliferation of trade restrictive actions could place economic recovery in jeopardy.
- The multilateral trading system was built to resolve such problems and it has the tools to do so again.
- However, further escalation could carry potentially large risks for the system itself. Its resilience and functionality in the face of these challenges will depend on each and every one of its Members.
- The G20 economies must use all means at their disposal to de-escalate the situation and promote further trade recovery.
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