They provide a synthesis on the substantive analysis and dialogue performed by the team at UNCTAD in a special report published by an interdivisional team at the United Nations Conference on Trade and Development (UNCTAD). This research, of course, was motivated by a desire to shed light on numerous roadblocks as well as chart a course forward – financially.
To begin, the research establishes clear benchmarks for global economic recovery forecasts, as well as places where (both positive and negative) tendencies accelerated commerce throughout the epidemic. While global trade health suffered an unparalleled collapse in 2020, trade will continue to be a crucial driver of economic health in 2021 and beyond. According to the United Nations Conference on Trade and Development (UNCTAD).
“The question is how countries may effectively reconcile the speed and scale of recovery with their goals of inclusion and long-term socioeconomic growth.”
We can see that automotives/transport equipment/road vehicle and chemicals are both experiencing significant decreases across the board. However, commerce in textiles, office machinery, precision instruments, and communications equipment increased slightly in China.
We've previously stated that countries that use trade policies to their advantage will make a significant contribution to the private sector's economic vitality's resilience and quick recovery. For a more robust economic recovery, a three-pronged approach is advocated. "A recovery package," as UNCTAD puts it.
it helps to rebuild trust in the country's rule-based trading system. In fact, it has been found to lower trade expenses by 20-25 percent while increasing commerce. Furthermore, during the epidemic, transparency has become more important in terms of non-tariff measures.
or "compliance" with rules can help lower trade costs while also guaranteeing that the items are of high quality and safe to consume. Cooperation and compliance have been shown to reduce trade costs by 25%, resulting in lower consumer prices.
Making the most of the existing multilateral trading system: in the framework of the WTO's General Agreement on Tariffs and Trade (GATT), which permits export limits to avert shortages of critical products. The rules, on the other hand, are not being employed in conjunction with any provisions aimed at reducing the impact of such actions on vulnerable countries. A measure like this might provide a safety net for import-dependent countries.
At its heart, trade is a critical component in assisting nations in prospering while recuperating from the pandemic's effects. For a stronger, fairer, more inclusive, and environmentally friendly economy, UNCTAD recommends a full-fledged recovery package. Of course, these are only recommendations. It is crucial that our regulating organizations (in our instance, CBP) accept these proposals in order for US importers to fully benefit.
It is vital for importers in the United States to stay informed about these types of rules, regardless of whether they completely implement UNCTAD's recommendations. Importers should seek out skilled customs brokers who are required to keep up with regulation changes by definition. Importers who work with a broker can clear US customs more quickly, easily, and economically.