G-20 St. Petersburg Summit- Protectionism

Countries: 
Event/initiative: 
Date of commitment: 
September 2013

Commitment

The G-20 leaders extend extend their commitment to refrain from protectionist measures and aim at enhancing transparency in trade, including in regional trade agreements. They reiterated their commitments to move more rapidly toward more market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments. They also committed to refraining from competitive devaluation and will not target their exchange rates for competitive purposes, resisting all forms of protectionism and keeping our markets open.

Target

No numerical targets set.

Progress

Gap

According to information collected by the WTO from its members, 71 measures were imposed between mid-May and mid-October 2012, down from 124 between mid-October 2011 and mid-May 2011. These measures covered only about 0.4 per cent of G-20 imports, or 0.3 per cent of world imports, down from 1.1 per cent and 0.9 per cent, respectively, in the earlier period. Nevertheless, only 21 per cent of the measures imposed since October 2008 had been removed as at October 2012.

Additionality

Not a new commitment

Data source: 
WTO