G20 foreign ministers commit to WTO reforms
G20 foreign ministers have pledged to push for reforms in the World Trade Organization (WTO) during a meeting Saturday in the Japanese city of Nagoya.
Nagoya (Japan): G20 foreign ministers have pledged to push for reforms in the World Trade Organization (WTO) during a meeting Saturday in the Japanese city of Nagoya.
The announcement was made by Japan's Foreign Minister Toshimitsu Motegi at a press conference on the agreements reached at the event, which also marked the conclusion of Japan's rotating presidency of the 20 most industrialised and emerging countries before Saudi Arabia chairs the summit in 2020, reported Efe news.
The meeting took place amid an ongoing trade war between the US and China, which has adversely affected several other nations and allowed the resurgence of sentiments against free trade.
Motegi acknowledged that while global confidence in the multilateral context was being undermined, the G20 shared the view that the WTO needed to be reformed to be able to address current problems.
WTO reforms being contemplated included the possibility of improving mechanisms for resolving trade disputes.
During the press conference, Motegi also reflected on the need to conclude negotiations for establishing the Regional Comprehensive Economic Partnership for Asia and Oceania with the agreement of 16 countries that have promoted the initiative since its inception.
India, one of the important initial members of the RCEP, dropped out of negotiations earlier this month.
Motegi said the RCEP was one of the initiatives that should be defended to strengthen global free trade.
The G20, a forum initially promoted by finance and central bank officials, brings together the richest countries and the world's major emerging economies in a common platform.