The attached properties include a residential flat in Juhu registered in the name of actor Shilpa Shetty
Global merchandise exports in nominal dollar terms fell 21 per cent in the second quarter of 2020 compared to the same period in the previous year although world trade had already been slowing before the pandemic, World Trade Organisation said on Thursday.
The WTO''s latest Trade Monitoring Report on G20 trade measures noted that there has been a slowdown in the number and coverage of trade-restrictive and trade-facilitating measures on goods implemented by G20 countries between mid-May and mid-October 2020, “primarily as a result of the sharp decline in overall global trade since the Covid-19 outbreak.”
The trade coverage of ‘regular’ import-facilitating and import-restrictive measures introduced during the five-month period, that is those unrelated to the Covid-19 pandemic, dropped to $36.8 billion (down from $735.9 billion in the previous period) and $ 42.9 billion (down from $417.5 billion) respectively, the report said.
“This was a function of the sharp decline in overall global trade flows, the diversion of governments’ attention towards pandemic response, and relative stasis in major bilateral trade tensions that had elevated both sets of figures in earlier reporting periods as well as a general commitment to keep trade flowing,” the report said.
However, trade measures directly tied to the pandemic covered a significant amount of global trade. Covid-19 related trade-facilitating measures on goods implemented since January covered trade worth an estimated $155 billion, while pandemic-related trade-restrictive measures most of which were export controls covered trade worth $111 billion. “Of the 133 Covid-19 trade and trade-related measures recorded for G20 economies since the outbreak of the pandemic, 63 per cent were of a trade-facilitating nature and 37 per cent were trade restrictive,” said the report.
The WTO noted that almost three out of every ten Covid-19 restrictive measures on goods taken by G20 economies had been repealed by mid-October. “Most of them were export restrictions. In the services sectors heavily impacted by the pandemic, most of the 68 Covid-19 related measures adopted by G20 economies appeared to be trade facilitating.”
WTO Deputy Director-General Yonov Frederick Agah said that while the number of new trade-restricting measures was modest, the fact remains that restrictions that have accumulated since 2009 are weighing on over a 10th of G20 imports.
"Now, more than ever, G20 governments must continue to work together," Agah said.
G20 members include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Japan, Russia, the UK, and the US. — issacjohn@khaleejtimes.com
The attached properties include a residential flat in Juhu registered in the name of actor Shilpa Shetty
With Khaleej Times' team on the ground and help from the community, here's a guide to road conditions
Both missions shared helpline numbers after record rains
The crater of Mount Ruang flamed with lava against a backdrop of lightning bolts overnight after erupting four times on Wednesday
Study reveals the ages of 15 to 17 are vital years to stay active, and when dropping out of exercise seriously affects mental state for years to come
There could still be delays due to operational challenges at Dubai International Airport after Tuesday's heavy rains
World’s busiest international airport is working hard to mitigate the impact of the adverse weather for normal operations within 24 hours
Flight arrivals for some airlines have resumed on Dubai airport's Terminal 1