WTO members urged to resist protectionism, promote trade

WTO members need to avoid putting up barriers and "get trade moving again" in order to address slow global economic growth, according to WTO Director General's mid-year report on trade-related developments issued on Monday.

The report, which was discussed at a meeting of the WTO's Trade Policy Review Body, shows that 22 new trade-restrictive measures were initiated by WTO members per month during the mid-October 2015 to mid-May 2016 review period.

This constitutes a significant increase compared to the previous review period, which recorded an average of 15 measures per month, and is the highest monthly average since 2011, noted the report.

According to statistics, out of the more than 2,800 trade-restrictive measures recorded by this exercise since October 2008, only 25 percent have been removed.

"The report shows a worrying rise in the rate of new trade-restrictive measures put in place each month," said WTO Director General Roberto Azevedo, "We hope that this will not be an indication of things to come, and clearly action is needed."

"In the current environment, a rise in trade restrictions is the last thing the global economy needs," he warned, adding that "this increase could have a further chilling effect on trade flows, with knock-on effects for economic growth and job creation."

World trade remained volatile in 2015 as diverging outlooks for developed and developing economies unsettled global financial markets and prompted sharp movements in commodity prices and exchange rates.

While the global economic environment remains challenging and continued vigilance is required, world trade prospects for 2016 and beyond remain uncertain.

The report said in the midst of uncertainty, the "best safeguard we have against protectionism is a strong multilateral trading system." Endit