The COVID-19 Pandemic and International Trade: Temporary Turbulence or Paradigm Shift?
European Journal of Risk Regulation : EJRR
; 11(2):337-342, 2020.
Article
in English
| ProQuest Central | ID: covidwho-1921495
ABSTRACT
Global financial transactions as well as information and communications technology services have also declined significantly.6 Moreover, according to the recent United Nations Conference on Trade and Development (UNCTAD) assessment, which is actually based on conservative assumptions, the COVID-19 outbreak will cause global foreign direct investments (service mode 3) to shrink by 5–15% in 2020.7 The demand side has also been affected as consumers around the globe are unwilling at the moment to spend their money. In particular, some countries have decided to establish export controls over certain medical products (eg medical ventilators, certain drugs, personal protective equipment) in the form of temporary export bans or the addition of licensing/authorisation requirements.8 Other countries, concerned with the security of their food supplies, have introduced export restrictions over specific agricultural products, and these decisions have generated genuine concerns about potential food shortages in the global market in the second part of the year.9 The problem appears sufficiently serious that it has led to a joint statement by the Directors-General of the Food and Agriculture Organization, the World Health Organization and the World Trade Organization (WTO), in which they noted that “uncertainty about food availability can spark a wave of [additional] export restrictions, creating a shortage on the global market”. [...]a number of states have recently removed or suspended some trade controls. [...]Argentina has suspended its anti-dumping duties on imports of certain medical products from China, while Canada has temporarily eliminated tariffs for specific categories of products if they are imported by public health agencies, hospitals and testing sites, or for use by first-response organisations.11 The aim of all of these measures is to ensure that there are sufficient supplies to domestic markets (either by decreasing exports or increasing imports).
Law; Ventilators; Licensing; Food; Public health; Healthy food; Communication technology; Shortages; Equipment; Exports; Food shortages; Imports; Consumers; COVID-19; Transactions; Uncertainty; Hospitals; Tariffs; Pandemics; Epidemics; Foreign investment; Information technology; International trade; Coronaviruses; Bans; Money; Agricultural products; Global economy; Domestic markets; Trade restrictions; Trade disputes; Canada; United Kingdom--UK; United States--US; China
Full text:
Available
Collection:
Databases of international organizations
Database:
ProQuest Central
Language:
English
Journal:
European Journal of Risk Regulation : EJRR
Year:
2020
Document Type:
Article
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