WTO report shows decline in trade restrictions by members during COVID-19 pandemic

WTO members introduced the lowest number of “regular” trade-related measures since 2012

The World Trade Organization (WTO) published its Annual overview of trade-related developments last Friday.

The report notes that WTO members introduced the lowest number of “regular” trade-related measures since 2012 – that is, those unrelated to the COVID-19 pandemic.

The trade coverage of import-facilitating measures over the past year stood at USD 731.3 billion (up from USD 544.7 billion in the previous period) while that of import-restrictive measures came in at USD 440.9 billion (down from USD 746.9 billion).

This was likely a result of the sharp decline in overall global trade flows, governments shifting attention towards fighting the pandemic, relative easing of bilateral trade tensions that had elevated the trade coverage of import restrictions in earlier reporting periods, and a general commitment to keep trade flowing.