On 28 June 2021 the World Trade Organisation (WTO) issued the 25th WTO Trade Monitoring Report on G20 trade measures. The report covers the period from mid-October 2020 to mid-May 2021. The review notes that the period saw an increase in international trade cooperation and coordination between countries and intergovernmental organizations, in the face of the ongoing pandemic.
The WTO member countries, including the G20 economies, did not increase protectionist trade measures in the period, although there are still obstacles to trade which continue to hamper efforts to increase the production of vaccines.
Statistics for trade related measures
As at mid-May 2021 the G20 countries had implemented 140 trade-related measures concerning trade in goods since the beginning of the pandemic. Of these measures, 101 were considered to be of a trade-facilitating nature and 39 had the effect of restricting trade.
Of the trade-facilitating measures, 60% related to the reduction or elimination of import tariffs and import taxes. Some G20 countries reduced tariffs on goods such as personal protective equipment (PPE), sanitizers, disinfectants, medical equipment and medicines.
Measures implemented during the pandemic began to be repealed by G20 economies in the period under review. As at mid-May 2021, approximately 22% of trade-facilitating measures taken by G20 countries during the pandemic and 49% of the trade-restrictive measures had been withdrawn.
The pandemic-related trade-facilitating measures introduced since the start of the pandemic were estimated to cover USD 215.7 billion of trade, while the pandemic-related trade-restrictive measures were estimated to cover USD 135.7 billion of trade.
Preliminary estimates indicate that the trade coverage of the trade-restrictive measures still in force in mid-May amounted to USD 98.8 billion, slightly higher than the coverage of the trade-facilitating measures which was USD 96.5 billion. This would indicate that trade-facilitating measures were rolled back more quickly than the trade-restrictive measures.
Trade in products unrelated to the pandemic
In relation to products unrelated to the pandemic, the G20 countries introduced 35 new trade-facilitating measures and implemented 26 new trade-restrictive measures during the period under review. In this case the trade coverage of the trade-facilitating measures was USD 438 billion, significantly more than the coverage of the trade-restricting measures (USD 123.89 billion).
Services
The services sector was hard hit during the pandemic in all the G20 countries and this meant that many measures introduced to help trade in services at the start of the pandemic were extended to deal with the continuing challenges faced by the sector. The rate at which new services measures were being introduced by G20 countries had however slowed by the third quarter of 2020.
Trade remedy investigations
The monthly average number of trade remedy investigations launched was 15, this being the lowest level recorded since 2012.