The Report on Global Economic and Trade Friction Index in 2021 released by the China Council for the Promotion of International Trade (CCPIT) shows that the global economic and trade friction index in 2021 will decline steadily year on year, indicating that the new import and export tariff measures, trade relief measures, technical trade measures, import and export restrictive measures and other restrictive measures in the world will generally reduce, and the global economic and trade friction will generally ease. At the same time, however, economic and trade frictions between large economies such as India and the United States are still on the rise.
The report shows that in 2021, the global economic and trade frictions will show four characteristics: first, the global index will decline steadily on a year-on-year basis, but the economic and trade frictions among larger economies will still show an upward trend. Second, the implementation of various measures is quite different between developed economies and developing economies, and the intention of serving national manufacturing, national security and diplomatic interests is more obvious. Third, countries (regions) that have issued more measures are more concentrated on a year-on-year basis, and the industries that have been greatly affected are almost related to strategic basic materials and equipment. In 2021, 20 countries (regions) will issue 4071 measures, with a year-on-year growth of 16.4%. Fourth, China’s impact on global economic and trade frictions is relatively small, and the use of economic and trade measures is relatively small.
The data shows that in 2021, the global trade friction index will be at a high level for 6 months, with a year-on-year decrease of 3 months. Among them, the monthly average of India, the United States, Argentina, the European Union, Brazil and the United Kingdom is at a high level. The monthly average of seven countries, including Argentina, the United States and Japan, is significantly higher than that in 2020. In addition, the foreign trade friction index with China was at a high level for 11 months.
From the perspective of economic and trade friction measures, developed countries (regions) take more industrial subsidies, investment restrictions and government procurement measures. The United States, the European Union, the United Kingdom, India, Brazil and Argentina have revised their domestic trade remedy laws and regulations, focusing on strengthening the enforcement of trade remedy. Import and export restrictions have become the main tool for western countries to take measures against China.
From the perspective of the industries where economic and trade frictions occur, the coverage of products affected by the economic and trade measures issued by 20 countries (regions) is up to 92.9%, slightly narrower than that in 2020, involving agricultural products, food, chemicals, drugs, machinery and equipment, transportation equipment, medical equipment and special trading products.
In order to help Chinese enterprises effectively deal with economic and trade frictions and provide risk early warning and decision support, CCPIT has systematically tracked the economic and trade measures of 20 countries (regions) that are representative in terms of economy, trade, regional distribution and trade with China, regularly released the report of Global Economic and Trade Friction Index Research on restrictive measures for import and export and other restrictive measures.
Post time: Sep-21-2022