The severe contraction of world trade volume during the recent global crisis – the steepestsince the Great Depression – was a major blow to the global economy and to countries whichhad pursued development strategy of export-led growth. In the aftermath of the crisis manygovernments in developed and developing countries contemplated or were pushed into using tradepolicy instruments, especially in the form of non-tariff measures (NTMs), to protect their domesticindustries and producers. The danger of “beggar-thy-neighbor” protectionist policies was again aclose reality.
Happily, initial fears of a mutually devastating protectionist war in response to the economiccrisis did not materialize. This was thanks to a large extent, to the strength of the existing rulesbasedmultilateral trading system. However, the threat of retaliatory protectionism is not yet overand requires the full attention of the international community in the post-crisis policy environment toguard against it. It is important therefore to continue monitoring and analyzing trade policy actions,particularly NTMs and for that, we need comprehensive and accurate information.
The financial and economic crisis has changed the landscape of economic policy and presentsone of those rare occasions when a new direction could be taken. Opportunities exist in the area oftrade policy to adapt the international trade agenda to the changing requirements and expectationsof the private sector. There are also substantial business opportunities arising in new areas, such asenvironmental goods and ‘green’ technologies.
This publication aims to provide decision makers in government and the private sectorwith a post-crisis analysis of some of the major trade challenges and opportunities, particularly fordeveloping countries. It represents the continuation of a collaborative project between UNCTADand JETRO (Japan External Trade Organization).
