Export restrictions can turn local disruptions into global crises
As Strait of Hormuz disruptions to food, fertiliser and other critical agricultural input supply chains have shown, governments often restrict exports in response to market shocks. While intended to protect domestic markets, experience from previous crises shows that such measures can worsen shortages, increase uncertainty and contribute to higher global prices.
ICC calls on governments to treat export restrictions as a last resort measure and sets out recommendations to:
• improve transparency;
• strengthen World Trade Organization (WTO) disciplines;
• expand notification requirements to fertilisers and other critical agricultural inputs; and
• safeguard the flow of food and agricultural trade during periods of geopolitical stress. (....)