WTO warns on Global Protectionism

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In the wake of global financial crisis, the worlds trading nations are talking in terms of protectionism; which limits exports of food and raw materials and installing new import barriers.

“Trade restrictions taken by WTO members and observer governments over the past six months have become more pronounced than in previous periods,” the report said.

“New measures aimed at restricting exports, in particular of certain raw materials and agricultural commodities, have been introduced for various reasons … including (by) G20 countries, which is in contradiction with the G20 standstill pledge, the report stated.

As per the report, the rising protectionist trend contradicts the promises made by the worlds leading and industrialized economies to resist protectionism.

“Some WTO members may raise strong objections over a spotlight on export restrictions, which is politically extremely sensitive,” said one trade official familiar with the report. The report will be discussed on June 21.

The report was obtained by a news agency in advance of publication.

Source: REUTERS

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