Epoch Times published an article on how countries are resorting to “panic” protectionism after Russia’s invasion of Ukraine. Some countries are restricting food exports amid food supply disruptions, as seen in the past, with the number growing from 3 to 16 as of early April, according to IFPRI (See IFPRI blog post, From bad to worse: How Russia-Ukraine war-related export restrictions exacerbate global food insecurity). IFPRI explained that many export restrictions aren’t outright bans but are instead like taxes or other costs that increase consumer prices. “Currently, the World Trade Organization (WTO) lacks rules to effectively discipline the use of export restrictions. In the past, WTO members have tried, but failed, to get agreement on disciplining export restrictions on agricultural products, even when trying to create exemptions for basic needs such as humanitarian shipments,” IFPRI says.
