G20 leaders state the need for WTO reform

G20 leaders state the need for WTO reform G20 leaders have reaffirmed their commitment to free and fair trade and stressed the need to form the WTO.
Business
June 29, 2019 14:07
G20 leaders state the need for WTO reform

G20 leaders have reaffirmed their commitment to free and fair trade and stressed the need to form the WTO.

"We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open," the declaration adopted by their meeting in Japan's Osaka reads.

The G20 summit participants noted that "international trade and investment are important engines of growth, productivity, innovation, job creation and development."

We reaffirm our support for the necessary reform of the World Trade Organization (WTO) to improve its functions. We will work constructively with other WTO members," the declaration says.

They agreed that action is necessary regarding the functioning of the dispute settlement system consistent with the rules as negotiated by WTO members.

"Furthermore, we recognize the complementary roles of bilateral and regional free trade agreements that are WTO-consistent. We will work to ensure a level playing field to foster an enabling business environment," the document reads.

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