The World Trade Organization said trade restrictive measures between the G20 nations from May 16 to mid-October 2018 included a trade worth $481 billion.
The new restrictions include a trade six times larger than the corresponding period last year, the group said Thursday in a report on trade restrictions among the group.
The value of trade under restrictions is the largest since the World Trade Organization began monitoring the G20 trade in 2012 for the first time. "The results of the report should be of great concern to G20 governments and the international community as a whole," the Geneva- .
The report, which provides a first-hand view of trade-restrictive measures imposed in the context of current trade tensions, showed that the G-20 countries imposed 40 new trade restrictions from May 16 to mid-October 2018.
The member countries of the world's largest economies also applied 33 trade facilitation measures during the period, including the elimination or reduction of import tariffs and export duties equivalent to 7 measures per month. "The Secretary-General of the Organization, Roberto Azivido, "Further escalation is still a real threat if its current path continues to increase economic risks, with potential effects of growth, jobs and consumer prices around the world," the report said.
"The organization is doing everything in its power to support efforts to calm the situation, but finding solutions will require political will and leadership from the G-20." The main sectors affected by trade reform during the reporting period were iron and steel products, followed by furniture, bedding, Electrical machinery and parts thereof.
The G20 economies include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States. .
