G20 foreign ministers pledged on Saturday (23.11.2019) in the Japanese city of Nagoya to push for reform of the World Trade Organization (WTO).
The agreement was announced by Japanese Foreign Minister Toshimitsu Motegi at a press conference to announce the agreements reached at the meeting, which also marked the end of Japan's rotating presidency of the G20, which is now in the hands of Saudi Arabia.
«The meeting took place as the United States and China try to end the trade war that began last year, which has had collateral impact on other nations and has revived sentiments against free trade.«.
Motegi acknowledged that although "global confidence in the multilateral context is being undermined, the G20 shares the view that the WTO should be reformed so that it can address several current problems."
Among the reforms to be promoted for the world organization is the possibility of improving the mechanisms to resolve trade disputes.
At his press conference, Motegi also highlighted the need to conclude negotiations to form the Regional Comprehensive Economic Partnership (RCEP) for Asia and Oceania with the agreement of the sixteen countries that promoted this initiative from the beginning.
India, one of the main original members of RCEP, decided to withdraw from the talks earlier this month, saying that doing so would "better protect the country's interests in avoiding bad trade practices."
Motegi said RCEP is one of the initiatives that should be championed to strengthen global free trade.
Source: Reuters
Foreign Minister Motegi held a Presidency Press Conference following the closing session at the #G20Aichi-NagoyaForeignMinisters'Meeting. #G20名古屋外務大臣会合は閉会セッションを終え，茂木外務大臣の会見が開かれました。 pic.twitter.com/8gL4EcPBDb
— G20 Japan ?? (@g20org) November 23, 2019
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.
