In a report released yesterday, the EU identifies a staggering increase in protectionism around the world with 123 new trade restrictions introduced over the last eight months – a rise of just over 25%. This brings the total number of restrictive measures in place today to 534. In its ninth report on potentially trade-restrictive measures, the European Commission points to a failure by the G20 countries to reducing trade barriers. G20 members have to do more to prevent the introduction of new barriers to trade, and to rectify protective measures introduced since the break-out of the crisis.
“Clearly G20 Members need to seriously step up their efforts to fight protectionism. I am very concerned to see the sharp rise in trade-restrictive measures in the last few months alone”, said EU Trade Commissioner Karel De Gucht. “Let us remind ourselves that the G20 pledged to end such practices and that protectionism benefits noone. It sends the wrong signal to global trading partners, it sends the wrong signal to investors and it sends the wrong signal to the business community which relies on a predictable business climate.” Read more here.
Date: June 7, 2012