At a time when global goods trade is already slowing in the backdrop of rising interest rates and geo-political conflicts, trade measures introduced by G20 economies that account for 85 per cent of global economic output have turned more restrictive in recent months, the WTO Trade Monitoring Report said.
This comes as India’s goods exports have been under pressure for the better part of the year due to weak demand from the western countries. Demand slowdown in China, battling a major property sector crisis, has also contributed to the slowdown.