Trading

Nature and spirit of international trade would depart from standard rule post COVID-19 – The Financial Express

In the post Covid-19 scene, the rules of the game are going to be more stringent and non-transparent.

The trading of goods and services has been predicted by WTO in its latest report to go down by 13-32% in the current year. Online selling of goods for many commodities are confined to documents passing hands (scanned copies of the original), but actual movement of goods by road, rail, ships and air would take some more time to settle as both loading and unloading of materials, either through machines or workmen, are to follow some restrictive guidelines and these are specific to each country.

Meanwhile, it is certain that in the post Covid-19 scene, the rules of the game are going to be more stringent and non-transparent. The first instance in this respect was evident with the release of new WTO report that as many as 39 member countries have imposed export curb on medical products like masks, pharmaceuticals, ventilators and other medical equipment and also on foodstuffs and toilet paper. Although article X1 of GATT bans export restrictions, but allows them temporarily to get over emergency situations. Also, all these export restrictive measures are yet to be communicated
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