Dhaka, June 1 (bdnews24.com) – The International Chamber of Commerce has voiced concern over G20s protectionism and urged them to keep their markets open to trade.

WTO-OECD-UNCTAD jointly released a report on May 24 saying that more new trade restrictive measures were implemented during the past six-month period than in any previously reported period.

An ICC press release said G20 members implemented 30 new export restrictions from Oct 2010 to Apr 2011 alone.

“This occurred despite the G20s reaffirmation at the 2010 Seoul Summit to resist protectionism until the end of 2013,” the release added.

G20 leaders had agreed early that year at their Toronto Summit to withdraw any protectionist measures in the pipeline, including export restrictions and WTO–inconsistent measures for stimulating exports.

The WTO-OECD-UNCTAD report reveals that the exact opposite is happening in practice.

The joint report further confirms an ICC-commissioned study1 from the Peterson Institute of International Economics stating that all the G20 countries have implemented protectionist trade measures since 2008.

The G20 countries applied discriminatory measures worth US$1.6 trillion, or 10 percent of all world trade, in 2008 alone.

“Given that the results of the WTO-OECD-UNCTAD report are based on self-reporting from G20 countries, and that they most likely reported only what was necessary, we can assume that trade protectionism is actually worse,” said ICC secretary general Jean-Guy Carrier.

“This worrying trend undermines the policies for economic recovery and job creation at a time when the world economy remains at risk.”

Concerns in the global business community about this protectionist trend have prompted the ICC to put into place its own indicator to monitor market openness.

The Open Market Index will provide an annual ranking of the 50 top-trading countries by order of their openness to trade and investment.

This private sector indicator to monitor protectionism will be launched ahead of the G20 Summit – being held in Cannes, France on Nov 3-4 this year.

“The G20 leaders must come together to ensure the successful conclusion of the Doha Round. This is more critical than ever given that protectionist measures, which they had committed to scaling back, have actually been increasing since the financial crisis began,” said ICC Chairman Gerard Worms.

“A successful conclusion of the Doha Round in 2011 would inject crucial trade growth into the global economy, boosting business confidence and fueling the private investment that is the key to creating jobs.”

Achieving the Doha Development Agenda would provide the world economy with a debt-free stimulus package, thereby sustaining global economic growth.

Implementing what is already on the table will generate a US$68 billion annual increase in world exports. But, by some estimates, a final Doha Round agreement could eventually contribute as much as US$280 billion annually to global GDP.