Moneycontrol

Budget 2021

Associate Partners:

  • SMC
  • Samsung
  • Volvo

Moneycontrol

Budget 2021

Associate Partners:

  • SMCSamsungVolvo
Webinar :Join an expert panel for a webinar on Smart investments for a secure retirement January 28, 2021. Register now!

G20 nations imposed 59 import-restrictive measures in 6 months: WTO

Tariff increases, import bans, stricter customs procedures, export duties and other such measures introduced during the review period affected 2.8 per cent of G20 trade, it said.

June 29, 2020 / 11:16 PM IST

The G20 countries imposed as many as 59 trade-restrictive measures such as import bans and stricter customs procedures during mid-October 2019 and mid-May 2020, according to a WTO report. G20 members include India, Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, Russia, the UK, and the US, among others.

"During the mid-October 2019 to mid-May 2020 review period, G20 economies implemented 154 new trade and trade-related measures, 95 of them import-facilitating and 59 import-restrictive. Of these measures, 93 (about 60 per cent) were linked to the COVID-19 pandemic," it said.

Tariff increases, import bans, stricter customs procedures, export duties and other such measures introduced during the review period affected 2.8 per cent of G20 trade, it said.

Commenting on the report, WTO Director-General Roberto Azevêdo said: "Historically high levels of trade-restrictive measures remain a source of concern, all the more so at a time when international trade and investment will be critical to rebuild economies, businesses and livelihoods around the world".

He said that there are signs that trade-restrictive measures adopted in the early stages of the pandemic are starting to be rolled back.

Close

COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more
Show

"There is no room for complacency: building on these positive indicators will demand consistent efforts and leadership, starting with the G20. Exceptional circumstances require exceptional responses, and this is the time for G20 governments to work together to facilitate a rapid and inclusive economic recovery," he added.

However, the WTO report also finds evidence of steps towards more open trade policies across sectors, including goods, services and intellectual property.

It said new import-facilitating measures, such as tariff reductions, the elimination of import taxes and the reduction of export duties, covered an estimated USD 735.9 billion worth of trade, excluding policies relating to the pandemic.
PTI
first published: Jun 29, 2020 11:15 pm

stay updated

Get Daily News on your Browser
Sections