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EU report sees 10% increase in global trade barriers

EU Trade Commissioner Cecilia Malmstrom presenting the report at the press conference
EU Trade Commissioner Cecilia Malmstrom presenting the report at the press conference
BRUSSELS, June 26 (KUNA) -- The European Commission released Monday the report on Trade and Investment Barriers, stating that an additional 36 trade barriers were created in 2016. This amounts to an overall increase of 10%, bringing the current total number of trade obstacles to 372 around the world, the report noted.
Presenting the annual report at a press conference, EU Trade Commissioner Cecilia Malmstrom said that the report confirms that the rise of protectionism is real, and that it affects European firms and their workers.
Moreover, these barriers could cost EU businesses more than 27 billion euro (USD 30 bn) in lost exports, so there is a lot of money involved in this, she added.
Unfortunately, we also see that G20 countries account for the highest number of barriers: Russia, China and India to mention a few and in next week's G20 summit in Hamburg, the EU will of course urge the leaders to resist protectionism, she stated.
Malmstrom clarified that the main types of barriers recorded are agriculture, alcoholic beverages, automotive, cosmetics, pharmaceuticals and ICT (information and communication technology).
She also pointed out that the EU will continue to pursue its strategy to open up markets, particularly, in Asia and Latin America. (end) nk.nam