OECD urges G20 to resist protectionism, cites barriers to chemicals

31 October 2012 15:53  [Source: ICIS news]

LONDON (ICIS)--G20 countries must step up efforts to resist protectionism in the face of continuing high unemployment and a weak economic recovery, the OECD and two other groups said on Wednesday.

In a joint report, the Organisation for Economic Co-operation and Development (OECD), the World Trade Organization (WTO), and the United Nations Conference on Trade and Development (UNCTAD) also cited recent increases in barriers to the trade in chemicals and plastics.

Chemicals and chemical products, fertilizers, as well as plastics, were among the products most affected by trade-restrictive measures, the report said.

Anti-dumping steps by G20 countries against chemicals and plastics increased in the five-month period from mid-May to mid-October 2012, relative to the same period last year, the report said.

“The temptation towards protectionism is as strong today as ever with the crisis continuing to undermine our economies,” said OECD secretary-general Angel Gurria.

“Now more than ever governments must hold firm on their commitments to open and transparent investment,” Gurria said.

“G20 leaders have an essential role to play in revitalising the multilateral trading and investment system,” he added.

The report is available on the OECD's website.

The G20 includes 19 countries and the EU. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, South Africa, Turkey, the UK, and the US.

By: Stefan Baumgarten
+1 713 525 2653

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