G20 trade and investment ministers said at a summit in Argentina that there is an “urgent need” to improve the World Trade Organization (WTO), according to a joint statement issued on Friday (14.9.2018).
Officials added that they are “increasing dialogue” on international trade disputes as U.S. President Donald Trump prepares to impose new tariffs on $200.000 billion worth of imports from China.
Agri-food chains
El release He did not provide details on possible reforms to the WTO or how dialogue has been increased.
In the document, the 36 heads of delegation also point out that “global supply chains agro-food value chains are one of the important means to achieve a sustainable food future” and mention the importance of the National policies to support micro, small and medium-sized enterprises and women.
The declaration also alludes to the implications of the new industrial revolution, another of the main themes of the ministerial meeting: “It has the potential not only to increase productivity, but also to transform comparative advantages between countries and to blur the traditional boundary between the physical and digital worlds, and between goods and services.”
USA and China
The Government of Trump has demanded that China reduce its surplus US$375.000 billion trade deal with the United States, end policies aimed at acquiring American technologies and intellectual property, and remove subsidies for high-tech industries.
Trump has threatened to withdraw the United States from the WTO, while China has called for reform of the organization to make the global trading system fairer and more effective.
Mercosur and EU
Sica also said that negotiations on a free trade agreement between the European Union and the Mercosur trade bloc - made up of Argentina, Brazil, Paraguay and Uruguay - are concluding and that There could be an announcement at the end of the year.
The minister said discussions were in the final stages of the most delicate aspects and that political and technical details were being worked out.
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
