LNB News 09/07/2024
Document Information
Issue Date: 09 July 2024
Published Date: 09 July 2024
Jurisdiction(s): World
The World Trade Organization (WTO) has published its 2024 Trade Monitoring Update. It shows WTO members continue to introduce more trade-facilitating measures than trade-restricting measures on goods, signalling their commitment to keep trade flowing despite geopolitical uncertainties. During the review period from mid-October 2023 to mid-May 2024, members implemented 169 trade-facilitating measures and 99 trade-restricting measures on goods imports and exports. However, there was a rapid increase in industrial policy subsidies, particularly related to climate change and national security areas. The trade coverage of the facilitating measures was estimated at $1.2tn, up from the previous report, while restricting measures covered $433.6bn in trade. The number of new anti-dumping investigations increased after years of decline, with G20 economies initiating most cases. In services, most new measures aimed to facilitate trade through liberalisation or improved regulations. The stockpile of import restrictions in force has grown steadily since 2009, now covering an estimated 9.7% of world imports valued at $2.2tn.
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