Zhang Tao, deputy managing director of the IMF, told Xinhua that he hoped these supply chains would work as best as they can to maximize global production and supply, which makes global collaboration "essential."

"Today more than ever, the global economy would benefit from a more open, stable, and transparent, rules-based international trade system," Zhang said.

World Bank President David Malpass, meanwhile, said at a virtual press conference Friday that big countries need to step forward and pledge not to use the crisis as a reason to close or block the markets.

"We should allow markets to function, markets to clear and the supplies to go to those most in need," said Malpass, adding that China is exporting medical supplies to the rest of the world, which is "very welcome."

The IMF and World Bank's advocacy for free trade came as protectionist sentiments are growing across the globe amid the pandemic. Some 46 export curbs on medical supplies have been introduced by 54 governments since the beginning of the year, according to a report published on March 23, by Global Trade Alert, a trade policy monitoring initiative.

Thirty-three of those export curbs have been announced since the beginning of March, "an indication of just how quickly new trade limits are spreading across the globe," the report showed.

Aaditya Mattoo, chief economist for East Asia and the Pacific Region at the World Bank, said it is a bit understandable for countries to impose export restrictions, but these actions are "almost always counterproductive."

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