G20 promises to avoid "unnecessary" trade restrictions

G20 promises to avoid "unnecessary" trade restrictions

The Group of Twenty promised Thursday to avoid imposing "unnecessary" trade restrictions on primary needs products, including food, during the outbreak of the Corona virus emerging after the International Monetary Fund and the World Trade Organization warned of a trend To take protective measures.

The epidemic has destabilized the global economy and trade and raised fears of an unprecedented recession since the "Great Depression" of the 1930s.

The World Trade Organization said that world trade is expected to "record a two-digit decline" in size in all regions of the world.

The G20 ministers of trade and investment declared that restrictions on biomedical products and other essential products should, if necessary, be "relative, transparent and temporary" and should not create "unnecessary trade barriers and not to disturb supply networks."

At the end of a virtual meeting organized by Saudi Arabia, which holds the rotating presidency of the Group of Twenty, the ministers also promised to "refrain from imposing restrictions on the export of agricultural products" and avoid "unnecessary food stocks."

And last month, across the International Monetary Fund and the World Trade Organization, they were concerned about the disruption of the supply chain network due to export restrictions that limit trade in basic medical products and foodstuffs.

They called on governments to refrain from imposing such restrictions as this could prolong and exacerbate the health and economic crisis "with the most serious implications likely for the poorest and most vulnerable countries."