WTO published the annual overview on trade-related developments that shows an increase in trade coverage of trade restrictive measures by WTO members from mid-October 2017 to mid-October 2018. The continuous reproduction of the restrictive measures that are opposed to trade may put the economic recovery to risk.
Namely, Roberto Azevêdo, Director-General, noted that further escalation of the measures would carry potential risks for global trade, with knock-on effects for economic growth, jobs and consumer prices globally. He urges WTO members to use all means at their disposal to de-escalate the situation.
According to the report, 137 new trade-restrictive measures were provided by members during the review period, including tariffs increases, quantitative restrictions, import taxes and export duties. This is equal to an average of 11 new measures per month, which is higher compared to the average of 9 recorded in the previous annual overview, mid-October 2016 to mid-October 2017.
During the same period, WTO members also passed 162 measures pursued at facilitating trade, including eliminating or decreasing tariffs and made customs procedures simpler for imports and exports. At close to 14 trade-facilitating measures per month, this is an rise compared to the average of 11 measures in the previous annual overview.
Moreover, the estimated trade coverage of import-facilitating measures, US$ 295.6 billion, has also increased during the review period and is 1.8 times larger than the figure reported in the previous annual overview. Yet, this trade coverage is half that of trade-restrictive measures, which reaches the US$ 588.3 billion, more than seven times larger than that recorded a year ago.
Finally, trade remedy measures kept on to be a crucial trade policy tool for members accounting for about 63% of all trade measures captured in this report. The trade coverage of trade remedy initiations and terminations recorded in the report is estimated at US$ 93.6 billion, US$ 17 billion more than a year ago, and US$ 18.3 billion, US$ 6 billion more, respectively.
