Disruptions to supply chains and misdirection of critical products could 'prolong and exacerbate the health and economic crisis.' coronavirus
The two institutions called on global leaders to commit to refrain from imposing or tightening controls on product sales, as they did at the height of the 2008 global financial crisis.
"We are concerned by supply disruptions from the growing use of export restrictions and other actions that limit trade of key medical supplies and food," the institutions said in a joint statement.And they warned that poor and otherwise vulnerable countries would likely suffer the most. During the last global recession, the G20 pledge"helped to avoid widespread trade restrictions that would have worsened the crisis and delayed recovery – just as trade restrictions deepened and prolonged theWhile global trade rules allow the use of export restrictions during a national emergency, the IMF and WTO warn that"what makes sense in an isolated emergency can be severely damaging in a global crisis.
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