According to the trade ministers of the G20 nations, the multilateral trading system must be safeguarded, measures must continue to be taken to fight the pandemic, and strategies should be implemented to encourage trade.
Safeguarding the Multilateral Trading System Must Be a Priority
The G20 Trade Ministers' Meeting, which took place in October in Sorrento, Italy, set the stage for the G20 summit that took place in Rome at the end of the month. It was also a key multilateral meeting that prepared ministers for the 12th ministerial meeting of the World Trade Organization (WTO), taking place in Switzerland from November 30th to December 3rd.
In total, the G20 members account for 86% of global GDP, 77% of trade volume, and 66% of inbound investment. The meeting, which is important to the future of trade, sent out a message that safeguarding the multilateral trading system needs to be a priority.
Addressing the Pandemic and Protecting the Multilateral Trading System
All G20 nations have reached a consensus that the multilateral trading system surrounding the WTO should be strengthened in order to support future international trade. Additionally, all parties agreed that certain WTO functions, including rule and regulation-making, should be strengthened and that the normal operations of the WTO mechanism of dispute settlement and negotiation function should be facilitated.
Unsurprisingly, the pandemic was a key consideration of the Trade Ministers Meeting. The pandemic had a detrimental impact on world trade, GDP, and investment. G20 members reached a consensus that common efforts must be implemented to address the pandemic to protect global economies from further damage. It was agreed that trade ministers would implement the decisions made to manage the pandemic and reinvigorate global trade and investment.
Together, all G20 members emphasized that measures implemented to address the pandemic must be targeted, moderate, transparent, and temporary. Additionally, they outlined that such measures must not cause trading obstacles or negatively impact the global supply chain. It was concluded that a constructive approach will be adopted to facilitate trade.
Traders Can Benefit from Understanding the Role of the G20 Trade Ministers
The conclusions of the G20 Trade Ministers’ Meeting are vital to shaping future international trade. It is important that importers and exporters familiarize themselves with how the decisions of the G20 members will impact trade to enable them to prepare and adapt to the changing environment, particularly in a post-pandemic world.
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