G20 to foster favourable trade, investment environment
It was also noted that reforming the WTO is key in strengthening trust in the multilateral trading system
The countries of the Group of Twenty (G20) will continue fostering a favourable trade and investment environment for all, according to the declaration by the group’s leaders approved on Wednesday following the Bali-hosted summit.
“We will continue to ensure a level playing field and fair competition to foster a favorable trade and investment environment for all,” the declaration reads.
G20 member-states reaffirmed that “the rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with the WTO at its core, is indispensable to advancing our shared objectives of inclusive growth, innovation, job creation and sustainable development in an open and interconnected world as well as to supporting the resilience and recovery of a global economy under strain due to COVID-19 and global supply chain disruption,” according to the document.
Reforming the WTO is key in strengthening trust in the multilateral trading system, G20 leaders noted.
The G20 countries also to favour ensuring open, transparent, and non-discriminatory trade in agricultural products and do not support imposing bans and restrictions on the export of food and fertilizers, according to the G20 joint declaration approved on Wednesday following the Bali-hosted summit.
“We reiterate our support for open, transparent, inclusive, predictable, and non-discriminatory, rules-based agricultural trade based on WTO rules,” the statement said.
“We reaffirm the need to update global agricultural food trade rules and to facilitate trade in agricultural and food products, as well as the importance of not imposing export prohibitions or restrictions on food and fertilizers in a manner inconsistent with relevant WTO provisions.
We are committed to sustained supply, in part based on local food sources, as well as diversified production of food and fertilizers to support the most vulnerable from the disruptions in food trade supply chain,” the G20 countries noted.
According to the statement, the G20 countries will “continue to support the carve out of humanitarian activities from sanctions and call on all nations to support this aim, including through current efforts at the UN. We will continue to closely monitor the state of global food security and nutrition.”
