World Bank urges G20 to refrain from export restrictions for pandemic supplies

The World Bank on Monday urged the Group of 20 major economies (G20) to refrain from imposing new export restrictions on critical medical supplies, food or other key products as the world battles the devastating coronavirus pandemic.

In a statement to a video conference of G20 trade ministers, a senior World Bank official said the pandemic was projected to plunge the global economy into a deep recession, disrupting supply chains and hitting critical trade nodes.

To mitigate the impact on poorest countries, who are at risk due to the limited supply of medical goods, the global lender also called on G20 countries to eliminate or reduce tariffs on imports of key products needed to fight the pandemic and lower or temporarily suspend tariffs and export taxes on food and other basic goods.