G-20 focuses on industrial subsidies and WTO reform

The Group of 20 (G-20) addressed industrial subsidies and the reform of the World Trade Organization (WTO) in its discussion of the Ministers of Trade and Investment held virtually this Tuesday.

«Many members affirm the need to strengthen international rules on industrial subsidies and welcome ongoing international efforts to improve trade rules affecting agriculture,» it said in a statement.

“Many of us emphasize agricultural subsidies and access to agricultural markets. We also emphasize that urgent action is necessary regarding the functioning of the dispute settlement system in order to contribute to predictability and security in the multilateral trading system,” they added.

G20 Ministers maintained that they remain committed to working actively and constructively with other WTO Members to undertake the necessary reform of the WTO.

They recognized that this reform should enhance the functions of the WTO and encouraged a constructive discussion of all proposals in this regard.

G-20

Ministers recognized that transparency is an important condition for enhancing the predictability of trade and building trust among WTO members regarding the fulfillment of their WTO obligations.

In this regard, the G20 Ministers reaffirmed their commitment to fulfill their transparency obligations in the WTO and to lead by example, and urged all other WTO Members to do so.

In general, the G-20 recognizes the need for assistance to WTO Members facing capacity constraints to meet their notification obligations.

At the same time, they recognized the ongoing discussions to improve transparency and strengthen compliance with notification obligations in the WTO.

In addition, the G-20 Ministers underscored the importance of the ongoing WTO negotiations and reiterated their support for reaching an agreement by 2020 on comprehensive and effective disciplines in relation to fisheries subsidies, as decided by the WTO Ministers. at the 11th Ministerial Conference.