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Monday, 11 June 2012

A staggering increase in protectionism

The EU recently released a new report identifying a staggering increase in protectionism around the world. 123 new trade restrictions were introduced over the last eight months, a rise of just over 25%, bringing the total number of restrictive measures in place today to 534. The report points to a failure by G20 countries in reducing trade barriers and urges G20 members to increase their efforts in preventing the introduction of new barriers to trade and to rectify protective measures introduced since the break-out of the crisis.
Trade restrictions can come in the form of higher import or export duties or quotas applied at the border of a country or other measures such as "technical barriers to trade" in the form of conformity assessment and certification requirements, which are applied in a stricter way on imported goods or which go beyond international practices and requirements.

Source: European Commission