According to the Body, between mid-October 2018 and mid-October 2019, the trade coverage of import-restrictive measures implemented by members was estimated at $747 billion. The report notes that new trade restrictions and increasing trade tensions added to the uncertainty surrounding international trade and the world economy.“The report’s findings should be of serious concern for WTO members and the broader international community. WTO Secretariat estimates suggest that the accumulated stockpile of import restrictions introduced since 2009, and still in force, currently affects 7.5% of world imports. As of mid-October 2019, this trade coverage was estimated at $1.7 trillion, suggesting that the stockpile of import restrictions has continued to grow. During the same review period, WTO members also implemented 120 new measures aimed at facilitating trade, including reducing or eliminating tariffs, export duties and import taxes.

Source: The Guardian January 08, 2020 02:37 UTC