Trade and investment ministers of the Group of 20 (G20) countries pledged on Tuesday (22.09.2020) to support the necessary reform of the World Trade Organization (WTO).
During a virtual meeting held under the presidency of Saudi Arabia, G20 trade and investment ministers stressed the importance of carrying out reform based on the Riyadh Initiative on the future of the WTO, according to a release of the Saudi G20 Presidency.
The Riyadh initiative provides a further opportunity to discuss and reaffirm the fundamental objectives and principles of the multilateral trading system and to demonstrate continued political support for discussions on WTO reform, the statement said.
Ministers expressed their commitment to work actively and constructively with other WTO members to undertake the necessary reform.
Officials also discussed promoting economic diversification, strengthening international investment, as well as fostering the international competitiveness of micro, small and medium-sized enterprises.
Majid Al-Qassabi, Saudi Arabia's Minister of Commerce, told the meeting that the need for an open, fair and rules-based multilateral trading system is critical to supporting global economic recovery in these difficult times, adding that the G20 will work together to strengthen the global trading system for the benefit of all.
Saudi Arabia's Investment Minister Khalid Al-Falih said the G20's collective response to the COVID-19 pandemic had begun to show early signs of a stable and resilient economic recovery.
Trade and investment officials met twice earlier this year to ensure a coordinated response to the impact of COVID-19.
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