By: ManjuChandran
The World Bank on Monday (30) urged the Group of 20 major economies (G20) to refrain from imposing new export restrictions on critical medical supplies, food or other key products as the world battles the devastating coronavirus pandemic.
Many countries, including G20 members France, Germany and India, have enacted on drugs and medical supplies.
In a statement to a video conference of G20 trade ministers, a senior World Bank official said the pandemic was projected to plunge the global economy into a deep recession, disrupting supply chains and hitting critical trade nodes.
To mitigate the impact on poor countries at risk due to the limited supply of medical goods, the World Bank urged G20 nations to eliminate or reduce tariffs on imports of key products needed to fight the pandemic, and lower or temporarily suspend tariffs and taxes on food and other basic goods.
“Continued international cooperation to maintain an open and rules-based trading system will be essential for recovery and sustainable and inclusive development,” Mari Pangestu, the World Bank’s managing director for development policy and partnerships, said.
“Going it alone is not an option. We will come out much stronger if we all work together with a clear focus on the future,” she said.
Trade ministers pledged to work to keep markets open and ensure the continued flow of medical supplies, but stopped short of calling for an end to export bans.
