G20 Economies Apply 227 Trade Corrective Measures
The Group of 20 (G20) economies implemented 227 trade remedies from October 2020 to May 2021.
Likewise, that amount represents 79% of all non-Covid-19 trade measures recorded in a joint OECD, WTO and UNCTAD report.
At the same time, these measures peaked in 2020 and the average number of trade remedy initiations during the period was 15 per month, the lowest since 2012.
G20 measures, mid-October 2020 to mid-May 2021
The monthly average of trade corrective action cancellations recorded is the highest recorded since 2012.
With this, it is the first time that the monthly average of cancellations of commercial remedial measures exceeds that of initiations.
G20
Trade remedies taken during the review period included the initiation of investigations into:
- Electrical machinery and its parts (SA 85) 21.4 percent.
- Plastics and their manufactures (SA 39) 17.5 percent.
- Iron and steel manufactures (SA 73) 12.6 percent.
- Iron and steel (SA 72) 11.4 percent.
The trade coverage of all trade remedy investigations initiated during the review period was $ 15.9 billion, or 0.11% of the value of G20 merchandise imports.
For completions, trade coverage was valued at $ 14.2 billion (0.11% of the value of G20 merchandise imports and 0.08% of world imports).
Trade has been a positive force during the pandemic by allowing access to medical supplies.
Although the value of world merchandise trade fell by more than 8% in 2020, trade in medical supplies increased by 16% and trade in personal protective equipment (PPE) by 50%.
As a platform for transparency, the WTO has a central role to play in ensuring that supply chains are kept open and restrictive trade policies are avoided.
