According to the report published by World Trade Organisation(WTO), the G20 nations have enforced in all 28 fresh trade-limiting regulations as those of, tariff hikes, bans on imports and tightened customs procedure for several imports in between May and October 2019.
Nation members of the G20 are Australia, India, Canada, Brazil, France, Argentina, China, Japan, the UK, Germany, the US and Russia, amidst others.
“If translated into digits, the G20 economies enforced 28 new trade-limiting acts between May and October 2019, supposedly tariff hikes, bans on imports and tightening customs procedures for imports”, confirmed the Trade monitoring report by WTO.
It says that the trade restrictions imposed by the G20 economies are momentous.
The reports states that, the limiting measures cover an approximately 460.4 billion US dollars traded commodities with a hike of 37 per cent over the equal duration past year.
With trade constraints building up over time, the contributions of global trade governed by such regulations has rocket-risen, said the reports.
Remarking on the report, Roberto Azevedo, WTO Director-General, asked the G20 nations to downturn trade related constrictions in order to grow investments and escalate job opportunities, to heal the global economy.
The history has witnessed great heights of trade-restrictive regulations having an adverse effect on the progress, job opportunities and buying power around the globe. We look forward to spot robust leadership from G20 economies so that we can cease unsurety, declining investments and frail trade growth, expects Azevedo.
Also, 36 new regulations directed at supporting trade related activities including abolishing or de-escalating export duties and import tariffs.