104 new trade-restrictive steps in Oct-May, WTO raises concern

The WTO members imposed 104 new trade-restrictive measures during seven months to May, which the world trade body said was cause of "concern".

Geneva: The WTO members imposed 104 new trade-restrictive measures during seven months to May, which the world trade body said was cause of "concern".

"The increasing stockpile of trade-restrictive measures introduced by WTO members remains a cause for concern, and continued vigilance is required," a report of the multi-lateral body WTO said.

The trade restrictive measures have implications on developing nations, including India, which is witnessing a decline in exports for the last seven months.

The report on trade-related developments was presented today by WTO Director General Roberto Azev'do.

As per the key findings of the report, 104 new trade-restrictive measures (excluding trade remedy measures) were put in place during 16 October 2014 to 15 May 2015 ? an average of around 15 new measures per month.

"This monthly rate has remained relatively stable since 2012, though the overall stock of measures nevertheless continues to rise," it said.

Of the 2,416 measures recorded since October 2008, less than 25 percent have been removed, leaving the stock of restrictive measures still in place at 1,828, it said.

"This remains a cause for concern and continued vigilance is required from WTO members," it added.

On the positive side, it said an increasing number of trade-liberalising measures, such as tariff-cutting measures, were adopted by the members during the period under review.

During the period, the members implemented 114 new trade-liberalising measures - an average of more than 16 measures per month.

"The broader international economic context supports the need for vigilance and action with regard to trade-restrictive measures," it added.

These findings assumes significance as according to the WTO's recent forecast, growth in the volume of world merchandise trade should increase from 2.8 percent in 2014 to 3.3 percent this year and further to 4 percent in 2016, but remaining below historical averages.

Contracting for the seventh month in a row, India's exports dipped by 15.82 percent in June to USD 22.28 billion due to global slowdown and dip in crude oil prices that impacted shipments of petroleum products.

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close