G20 pledges to reform WTO

9 June 2019 - 52: 16

At the end of their meeting on trade and the digital economy in Japan on Sunday, finance ministers and central bankers of the G-20 agreed on a joint statement pledging to pursue a comprehensive reform of the World Trade Organization (WTO).
The statement said that the G20 countries will work constructively with other members of the World Trade Organization (WTO) to urgently reform the organization. "We agree that a step has become necessary with regard to the functioning of the dispute settlement system, In line with the rules negotiated by WTO members. "

The statement issued by the official statement of the meeting pointed out that many of the ministers present expressed their serious concern about the current differences on trade, adding that the ministers affirmed that they will seek a stable, free, fair, non-discriminatory, transparent and predictable trade, as well as an investment environment that keeps the markets open. Worldwide.

The joint statement by G20 ministers comes as the trade dispute between China and the United States continues to escalate, which will affect global economic growth, according to several international organizations. However, the statement did not contain any commitment to fight protectionist policies, Which until last year was a longstanding collective position for all G-20 countries.

The ministers of finance, economy, trade and central bank governors of the G-20 countries met in Japan for a two-day summit ahead of a summit of G-20 leaders to be held in Japan for the first time in Osaka on June 28-29.


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