WTO Chief Says Rise In Trade Restrictions 'Cause For Concern'

09/12/2014 12:00 - 488 Views

The Director-General of the World Trade Organization (WTO), Roberto Azevêdo, has said that "the stock of trade restrictions introduced by WTO members since 2008 continues to rise."

Presenting his annual report "Developments in the International Trading Environment" to the Trade Policy Review Body on December 8, Azevêdo said that "in a climate of economic uncertainty the continued accumulation of trade-restrictive measures poses a clear risk."

The report showed that of the 2,146 trade-restrictive measures introduced by WTO members since October 2008, only 508 (24 percent of the total) have been removed. The total number of restrictive measures still in place now stands at 1,638 (76 percent of the total).

Members applied 168 new trade-restrictive measures during the period between mid-November 2013 and mid-October 2014, the report said. This equates to over 15 new measures per month, compared with 14.6 in the previous period.

Members introduced 177 trade-liberalizing measures during the period under review. Measured per month this figure is 16, compared with 8.2 in the previous period, according to the report.

Azevêdo said that there is evidence that "the application of trade-restrictive measures is leading to heightened friction between members on trade issues."

He urged members to "strive to show greater restraint in the imposition of new trade-restrictive measures, eliminate existing trade restrictions, and contribute to enhancing transparency on behind-the-border measures."

The report comes after the WTO adopted the Trade Facilitation Agreement, which aims to improve cooperation among WTO members on customs matters, at a meeting of the General Council on November 27, 2014.

Source: Tax News