BUSINESS NEWS | Global Trade Hit By Restrictions During COVID-19 Crisis: WTO

GENEVA – Global trade has been hit by new and accumulated important restrictions just as economies need to rebuild in the COVID-19 crisis, the World Trade Organization (WTO) said in a mid-year report issued on Friday.

But some export constrains imposed on surgical masks, medicines and medical equipment early in the pandemic are being rolled back, it said.

‘Although the full impact of the pandemic is not yet reflected fully in trade statistics, it is expected to be very substantial’, WTO director – general Roberto Azevedo said in presenting the report to its 164 member states.

The WTO said last month the estimates for the second quarter of 2020 indicated a year-on-year drop in world trade of about 18%.

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