Global Trade Dynamics Shift: WTO Highlights Increasing Restrictions

The WTO report reveals a rise in trade-restrictive measures among G20 member countries from October 2023 to October 2024. New trade-restrictive measures totaled USD 828.9 billion, while trade-facilitating measures reached USD 1,069.6 billion. Director-General Ngozi Okonjo-Iweala urges G20 nations to maintain open markets.

The World Trade Organisation (WTO) has reported a notable increase in trade-restrictive measures enacted by G20 member countries between mid-October 2023 and mid-October 2024.

During this period, G20 economies introduced 91 new trade-restrictive measures and 141 trade-facilitating measures concerning goods, primarily targeting imports.

WTO Director-General Ngozi Okonjo-Iweala expressed concerns about this trend, noting its potential to cause shortages and market volatility, urging G20 nations to prioritize open and predictable markets.

(With inputs from agencies.)