G-20 curbs may play spoiler
with India’s export target
To achieve the export target of $
500 billion by 2014, India may now have to grapple with the ongoing slowdown and
the protectionist measures initiated by other G-20 countries.
Blaming G-20 countries of having
initiated more protectionist measures of late, the World Trade Organization (WTO)
in its recent report estimated that this had hampered world merchandise trade by
about 3 per cent.
Another joint study by the United
Nations Conference on Trade and Development (UNCTAD) and Organization for
Economic Cooperation and Development (OECD) pointed out that trade within the
G-20 itself had taken a hit of 3.8 per cent due to the measures.
Moreover, the report’s
projection of a slowdown in global trade to 3.7 per cent in 2012 from 5 per cent
in 2011 and 13.8 per cent in 2010 is below the long-term annual average of 5.4
per cent for the last 20 years.
With regard to exports, the
report projects a 2 per cent rise for developed economies in the current year,
and a 5.6 per cent upsurge for developing countries. This projection is
significantly lower than the target of 20 per cent jump in exports set by India
The report also highlighted that
124 new trade restrictive measures, including trade remedy actions, tariff
increases, import licences and Customs controls, were put in place between
mid-October 2011 and mid-May 2012, which resulted in hampering around 1.1 per
cent of G-20 merchandise imports.
In contrast, new import curbs introduced between
mid-May and mid-October 2011 hindered only 0.6 per cent of G-20 imports, the
Source : Exim
News Service - NEW DELHI, June 26