ICC warns against measures by the G-20 that will keep a hold on global markets.
THE International Chamber of Commerce (ICC) has urged the Group of Twenty (G-20) to keep markets open to trade, following reports of G-20 countries increasing protectionist measures.
The joint report by the World Trade Organisation (WTO), the Organisation for Economic Co-operation and Development and the United Nations Conference on Trade and Development, on G-20 trade and investment measures, released last week , found more new trade restrictive measures had been implemented in the past six-month period than in any previously reported period.
From October last year to April this year , G-20 members implemented 30 new export restrictions. These restrictions were put in place despite the G-20’s reaffirmation at the Seoul summit last year to resist protectionism until the end of next year.
G-20 leaders had agreed early last year, at their summit in Toronto, Canada, to withdraw any protectionist measures in the pipeline, including export restrictions and WTO-inconsistent measures for stimulating exports. The report reveals that the exact opposite is taking place.
According to Global Trade Alert, G-20 countries applied discriminatory measures worth $1,6-trillion, or 10% of all world trade, in 2008 alone. "Given that the results of the combined report are based on self-reporting from G-20 countries, and that they most likely reported only what was necessary, we can assume that trade protectionism is worse," ICC secretary-general Jean-Guy Carrier said.
Source: http://www.businessday.co.za
THE International Chamber of Commerce (ICC) has urged the Group of Twenty (G-20) to keep markets open to trade, following reports of G-20 countries increasing protectionist measures.
The joint report by the World Trade Organisation (WTO), the Organisation for Economic Co-operation and Development and the United Nations Conference on Trade and Development, on G-20 trade and investment measures, released last week , found more new trade restrictive measures had been implemented in the past six-month period than in any previously reported period.
From October last year to April this year , G-20 members implemented 30 new export restrictions. These restrictions were put in place despite the G-20’s reaffirmation at the Seoul summit last year to resist protectionism until the end of next year.
G-20 leaders had agreed early last year, at their summit in Toronto, Canada, to withdraw any protectionist measures in the pipeline, including export restrictions and WTO-inconsistent measures for stimulating exports. The report reveals that the exact opposite is taking place.
According to Global Trade Alert, G-20 countries applied discriminatory measures worth $1,6-trillion, or 10% of all world trade, in 2008 alone. "Given that the results of the combined report are based on self-reporting from G-20 countries, and that they most likely reported only what was necessary, we can assume that trade protectionism is worse," ICC secretary-general Jean-Guy Carrier said.
Source: http://www.businessday.co.za
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