The G20 Trade and Investment Ministers announced on Thursday (14.05.2020) a package of short- and long-term measures to mitigate the effects of the global coronavirus pandemic on this sector, including promoting the "necessary" reform of the World Trade Organization (WTO).
El Valid identity document «G20 Actions to Support Global Trade and Investment in Response to COVID-19"The document, released by the group after a virtual meeting of ministers under the rotating presidency of Saudi Arabia, contains long-term responses to strengthen supply chains and international investments.
One of the central axes of the plan is to promote the "necessary" reform of the WTO «to improve its functioning and support the role of the multilateral trading system in promoting the stability and predictability of international trade flows", according to the text.
To this end, G20 trade officials will continue to seek ways to support this body of 164 member countries, as well as committing to notify any trade-related measures taken in line with WTO obligations.
Long-term measures also include encourage investment in the production of medical equipment and encourage government agencies to work with companies and investors to identify opportunities and activities.
As for short-term responses to address the pandemic, the document advocates avoiding imposing restrictions on the export of agricultural products and Do not store "unnecessary" food reserves, as well as speeding up customs processes.
Among other measures stipulated in the text, created by a working group and supported today by the ministers, is to encourage the G20 Transport ministers to Improve land, air and sea connections, and prioritize the movement of “essential” products.
At their first exceptional meeting on the coronavirus, held virtually on March 30, trade ministers pledged to ensure the continued flow of vital medical supplies and equipment, as well as facilitate the movement of health personnel across borders between countries.
The G20 is made up of the United States, Russia, China, France, Germany, the United Kingdom, Argentina, Australia, Brazil, Canada, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, South Africa and Turkey, as well as by the European Union and Saudi Arabia, which currently holds the presidency of the mechanism.
Source: Reuters
The Second Extraordinary #G20 Trade & Investment
Ministerial Meeting of #G20SaudiArabia has concluded on May 14, 2020, with a list of agreed collective actions to mitigate the impact of the # COVID19 pandemic:https://t.co/iE6jJ1y9nO pic.twitter.com/jGPWQL7mHe— G20 Saudi Arabia (@g20org) May 14, 2020
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