G20 Economies Report Increase in Trade Restrictive Measures from 2023 to 2024

The World Trade Organisation (WTO) has reported a rise in trade-restrictive measures among G20 nations from mid-October 2023 to mid-October 2024. During this period, G20 countries implemented 91 new trade-restrictive and 141 trade-facilitating measures, primarily affecting imports.

The WTO's report highlighted that the trade coverage of restrictive measures reached USD 828.9 billion, a significant increase from USD 246.0 billion noted in the previous G20 report. Meanwhile, trade-facilitating measures saw their coverage grow to USD 1,069.6 billion, up from USD 318.8 billion.

Impact on Global Trade

WTO Director-General Ngozi Okonjo-Iweala expressed concerns over the trend towards trade restrictions. "These measures, on both the import and the export sides, contribute to shortages, price volatility, and uncertainty," she stated. She emphasised the importance of keeping markets open and predictable to ensure smooth goods flow and encourage investment and job creation.

The G20 group includes major economies such as India, Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, Russia, the UK, and the US. The increase in trade-restrictive measures was detailed in the WTO's 31st Trade Monitoring Report on G20 trade measures released on November 13.

Encouraging Open Markets

The report underscores the need for G20 economies to maintain open markets to mitigate the negative impacts of these restrictive measures. By doing so, they can help stabilise prices and reduce uncertainty in global trade.

G20 members are encouraged to work collaboratively to ensure that markets remain accessible and predictable. This approach is vital for fostering an environment conducive to investment and job creation.

The WTO's findings highlight a concerning trend that could affect global trade dynamics if not addressed. It is crucial for G20 nations to consider the broader implications of their trade policies on international markets.