G20 summit encourages to set up WTO reforms

The 20 leading countries of the Group of the European Union are jeopardizing global trade relations by making promises that will keep the markets open, “said EU G20 members, pledge to help to change the WHO rules to address the stresses.

At a Saturday meeting in the Japanese city of Nagoiya, Foreign Ministers of the G20 vowed to push for reform in the WTO.

Japanese foreign minister Toshimitsu Motegi announced the signing of the agreement in the presidency of 20 developed and emerging countries in Saudi Arabia before the 2020 summit, Efe news reported. The event marked the culmination of Japan’s rotating presidency of the Saudi Arabia summit.

The much-awaited US conference The trade war ended in a truce between President Donald Trump and his Chinese counterpart, Xi Jinping. World leaders decided to resume trade negotiations with Trump that the United States will not add new Chinese export tariffs.

The Meeting was part of an ongoing US-China trade war, which has had a negative impact on several other countries and a resurgence in the spirit of free trade.

Motegi recognized that the G20 shared the view that the WTO needs to be reformed to deal with current issues while global trust in the multilateral context has been undermined.

The planned WTO reforms included an opportunity to improve trade dispute settlement mechanisms.

During the press conference, Motegi also commented on the need to conclude negotiations with 16 countries supporting the initiative since its inception to create an Economic Comprehensive Regional Partnership for Asia and Oceania.

India, an important original RCEP member, came to an end earlier this month. Motegi said that RCEP was one of the programs to facilitate global free trade.

Initially supported by officials from finance and the central banks, the G20 brings together the richest countries and the main economies of the world in a common platform.