Trade Restrictive Measures Amid Covid-19 Must Be Temporary, Transparent: 18 Nations at East Asia Summit

“The ministers agreed that any trade restrictive emergency measures put in place to address the impact of COVID-19 must be targeted, proportionate, transparent, temporary, consistent with WTO (World Trade Organisation) rules and do not create unnecessary barriers to trade or disruption of global and regional supply chains,” it said.  It added that the participating countries exchanged views on how to accelerate economic growth, maintain supply chains and market stability, and strengthen the economic resilience of the EAS region post COVID-19 pandemic. They also discussed the importance of harnessing the opportunities of digital economy.

“The ministers reiterated their support for the necessary reform of the WTO. The ministers will continue to work together to realize a free, fair, transparent, non-discriminatory, predictable, and stable trade environment, and affirmed the importance of agreed upon rules in the WTO, which can enhance market predictability and business confidence,” it added.  India and ASEAN (Association of Southeast Asian Nations) are key trading partners. They have implemented a free trade agreement to boost bilateral commerce.