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G20 foreign ministers commit to WTO reforms
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SME Times News Bureau | 23 Nov, 2019
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.
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