July 3, 2017 5:24 PM

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G20 should support open trade to promote eco growth: WTO

The World Trade Organization, WTO has asked the G20 group of nations including India and the US to take lead in promoting open trade globally for pushing economic growth and development. <br/><br/>In its monitoring report on G20 trade measure, the Geneva-based multi-lateral body has also stated that trade restriction measures in G20 economies have risen at a moderate rate despite an uncertainty in global economy.<br/><br/>G20 is a group of developed and developing countries that also includes Australia, Brazil, China, France, UK and the European Union.<br/><br/>The report said, a total of 42 new trade-restrictive measures were applied by G20 economies during the review period of mid-October 2016 to mid-May 2017. These measures include new or increased tariffs, customs regulations and rules of origin restrictions. <br/><br/>WTO Director-General Roberto Azev'do called on G20 governments to show leadership in supporting open and mutually beneficial trade as a driver of economic growth and development.<br/><br/>The report assumes significance as the WTO in September 2016 lowered its global trade growth forecast for this year to 1.7 per cent, stating that this slowdown is serious and should serve as a wake-up call for nations. <br/><br/>It said, India's exports are recording positive growth since September 2016. In May, the exports grew by 8.32 per cent to 24 billion US Dollars.

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