One of the major topics during this week’s G20 summit is the continued fight against global trade protectionism. Leaders vowed to limit protectionist actions and encourage trade to aid the global economic recovery. However, as a new European Commission report details, over 150 new trade restrictions were implemented throughout the world just last year and only 18 have been resolved.
The report highlights:
- “Brazil, Argentina, Russia and Ukraine stand out for having applied the heaviest tariff increases”
- “Brazil accounted for more than one-third of restrictions related to government procurement, followed by Argentina and India.”
- “The EU’s partners have also continued applying stimulus measures, in particular supporting exports”
- Some countries are protecting their domestic industries from foreign competition, Brazil and India are most notable.
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