As Trade-restrictive Measures by G20 Spike, Okonjo-Iweala Urges Restraint
Urgent Call for Collaboration and Openness to Counter Economic Woes
WTO Chief Emphasizes Trade's Vital Role in Recovery
In a statement delivered at the G20 Trade Ministers Meeting in Bali, Indonesia, World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala has expressed deep concern over the rise in trade-restrictive measures implemented by G20 members. Citing statistics, she highlighted the alarming increase in such measures since the onset of the COVID-19 pandemic, emphasizing their detrimental impact on global trade and economic recovery.
Heightened Barriers: A Global Dilemma
Dr. Okonjo-Iweala presented evidence of a surge in trade-restrictive measures, including export restrictions, import bans, and discriminatory policies, across various sectors. These barriers, she argued, hinder the flow of essential goods and services, escalating prices and exacerbating supply chain disruptions. The consequences are particularly severe for developing countries, which rely heavily on trade for economic growth and poverty reduction.
Protecting Free Trade, Boosting Economic Growth
The WTO Director-General stressed the critical importance of maintaining open trade policies to drive economic recovery and address the challenges posed by the pandemic and geopolitical tensions. She urged G20 members to prioritize cooperation, transparency, and predictability in trade, emphasizing the need to avoid unilateral actions that could further disrupt global supply chains.
Call for Immediate Action: Two Urgent Steps
Dr. Okonjo-Iweala outlined two key steps for G20 members to take:
- 1. Exercise restraint and refrain from implementing new trade-restrictive measures.
- 2. Remove existing trade barriers, particularly those imposed during the pandemic, to facilitate the flow of essential goods and services.
WTO's Role as a Facilitator and Advocate
The WTO, Dr. Okonjo-Iweala affirmed, stands ready to support G20 members in their efforts to promote open and fair trade. She emphasized the organization's role as a forum for dialogue, negotiation, and the resolution of trade disputes, underscoring its commitment to working with all stakeholders to create a more resilient and inclusive global trading system.
Collaboration and Openness: The Path to Recovery
In closing, Dr. Okonjo-Iweala reiterated the urgent need for collaboration and openness among G20 members to address the challenges facing the global economy. She emphasized that by working together to reduce trade barriers and promote a rules-based trading system, G20 members can play a vital role in fostering economic recovery and building a more prosperous future for all.
