• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 9, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Trade Policy restraint prevented destructive acceleration of protectionism- Report

June 28, 2021
Stephen M.Cby Stephen M.C
in Around the Globe, World
0
trade

In what could have been the worst and destructive acceleration of protectionist trade measures, trade policy restraint pursued by G20 economies, as well as WTO members more broadly averted such an outcome, a WTO report shows.

WTO Director-General Ngozi Okonjo-Iweala warned that barriers to trade remain in place and continue to undermine global efforts to increase and diversify the production of vaccines.

“The multilateral trading system has again proven its value. As was the case during the global financial crisis more than a decade ago, the system has been a solid and effective bulwark against any acceleration of protectionism as we face the worst economic and health crisis in generations.

“As the world struggles to overcome the enormous human, economic and social impact of the pandemic, we must not be complacent. Trade recovery will not be sustainable unless vaccine equity is assured,” indicated Okonjo-Iweala, Director-General.

RelatedPosts

Rishi Sunak Joins Goldman Sachs As Adviser

House Democrats Demand Release Of Epstein Files Involving Trump

ITC Chief Warns Of Continued Uncertainty Over Trump Tariffs

She underscored that while the report’s findings indicate trade-restrictive measures are gliding downwards, the G20 economies need to do more to encourage the free flow of medical inputs and supplies critical to saving lives.

Expressing her concern over the negative effects of trade restrictions, Director-General Okonjo Iweala mentioned that restrictions of trade intrudes efforts toward ramping up production, particularly in the developing world. Thereby, ensuring the equitable distribution of vaccines.

“Vaccine policy is trade policy and we must do everything we can to prevent a resurgence of the pandemic, which would significantly jeopardize the global economic recovery. At this juncture, G20 leadership will be crucial in underpinning a return to strong, sustainable and inclusive growth.”

Findings of the Report

Furthermore, the WTO Trade Monitoring Report on G20 trade measures comes as the impact of the pandemic still lingers. The mid-October 2020 to mid-May 2021 update provides important insight into a broad spectrum of issues, including international cooperation and coordination.

The report indicates that trade has been a force for good during the pandemic by enabling access to medical supplies. Despite the value of global merchandise trade shrinking by more than 8% in 2020, trade in medical supplies increased by 16%, and personal protective equipment (PPE) by 50%.

Moreover, it also notes that the multilateral trading system has allowed for ease in trade flow, with the WTO playing a central role in ensuring that supply chains are kept open and restrictive trade policies are avoided.

However, looking at these in the context of the Covid-19 pandemic and vaccine production, the gap appears wide, as the public health concerns are a threat to the global economy. But, production of vaccines has been slow and distribution uneven contributing to disparities in access across countries.

In terms of numbers, G20 economies implemented 140 trade and trade-related measures in the area of goods since the outbreak of the pandemic – 101 (72%) of a trade-facilitating nature and 39 (28%) of a trade-restrictive nature.

Moreover, the reduction or elimination of import tariffs and import taxes made up 60% of trade-facilitating measures taken, and certain G20 economies reduced their tariffs on a variety of goods such as PPE, sanitizers, disinfectants, medical equipment and medicine/drugs.

Additionally, initiations of trade remedy investigations reached its lowest level after marking its highest peak in 2020. The monthly average of trade remedy initiations 15 was the lowest recorded since 2012.

READ ALSO: Ghana secures €280 million first Social Loan financing in SSA

Tags: ProtectiontradeTrade Policy
Please login to join discussion
Previous Post

Investigate unlawful termination of GPGC contract- NDC

Next Post

Population and housing census, critical to survival- Alban Bagbin

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

July 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

July 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

July 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

July 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

July 9, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

July 8, 2025
LGBTQ concerns in Ghana
General News

Ghana Slammed for UN LGBTQ Vote Abstention

by Lilian AhedorJuly 9, 2025
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Securities/Markets

Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns

by Stephen M.CJuly 9, 2025
Bright Simons, E&P, Azumah
General News

Bright Simons Slams E&P Over Gold Mine Controversy

by Silas Kafui AssemJuly 8, 2025
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Banking

Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade

by Stephen M.CJuly 8, 2025
Kwasi Sibo
Sports

Kwasi Sibo Eyes Black Stars Call-Up

by Evans Junior OwuJuly 9, 2025
Rishi Sunak Joins Goldman Sachs As Adviser
UK

Rishi Sunak Joins Goldman Sachs As Adviser

by Lawrence AnkutseJuly 8, 2025
LGBTQ concerns in Ghana
Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
Bright Simons, E&P, Azumah
Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
Kwasi Sibo
Rishi Sunak Joins Goldman Sachs As Adviser
[/vc_row_inner]

Recent News

  • Ghana Slammed for UN LGBTQ Vote Abstention
  • Databank Forecasts Prolonged Slump in T-Bill Demand Over Low Yield Concerns
  • Bright Simons Slams E&P Over Gold Mine Controversy
  • Bank Al-Maghrib Joins Afreximbank’s PAPSS to Drive Intra-African Trade
  • Kwasi Sibo Eyes Black Stars Call-Up
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.