
The Group of 20 (G20) largest economies are largely keeping their pledges to avoid protectionism as a reaction to the recent global recession, but the rest of the world is increasing trade barriers, a new report co-authored by the UN said Tuesday.

China's top customs authority announced Friday that trade with the other four BRICS nations surged by 45.8% to reach 59.9 billion US dollars in the first quarter of this year.

Colombian President Juan Manuel Santos and Venezuela’s Hugo Chavez agreed over the weekend to temporarily extend the bilateral trade pact within the framework of the Andean Community, or CAN, despite Venezuela’s pending withdrawal from that regional organization on April 21.

China on Sunday reported a surprise quarterly trade deficit of 1.02 billion US dollars, the first in six years as it settles to rebalance its export oriented economy to boost domestic consumption in the next five years.

Trade between the four member Mercosur block is expected to reach 42 billion US dollars in 2010 revealed Argentine Industry minister Debora Giorgi who on Thursday will be participating of the Mercosur summit in Foz de Iguazu, Brazil.

Even when China's foreign trade hit a historic high in November, boosted by rising demand ahead of the Christmas shopping season, economists forecast a bumpy road next year.

Trade among Latinamerican countries is expected to increase 22% during 2010, which is higher than forecasted, according to the UN Economic Commission for Latinamerica and the Caribbean, Cepal. This follows a drop of 0.9% in 2009 when the full impact of the global crisis.

International trade will expand by an unprecedented 13.5 this year, the World Trade Organization said, revising its forecast because of a faster-than-expected recovery in flows of global commerce.

A historic trade deal between China and Taiwan took effect Sunday signalling improvement in relations between the two countries after they were split by a civil war over 60 years ago.

Following closely on the steps of China but with lesser exposure India is increasing trade, investment and business links with Latin America, the latest of which a Bussiness seminar in Lima, Peru.