G-20 pledge to roll back protectionist measures by 2018-end

The G20 nations reaffirmed to continue support the work of WTO, UNCTAD and OECD in monitoring protectionism.

By: PTI | Hangzhou | Published:September 5, 2016 9:48 pm
G20, G20 summit, India, US, China, WTO, growth, UNCTAD, OECD, news, world news, international news, latest news, china news, india news “We reiterate our opposition to protectionism on trade and investment in all its forms,” said the G20 Leaders’ communique. (source: PTI)

G-20 leaders, including those from India, the US and China, on September 5, 2016, promised to roll back protectionist measures by 2018-end and ensure rule-based and transparent multilateral trading system with WTO for global growth.

“We reiterate our opposition to protectionism on trade and investment in all its forms. We extend our commitments to standstill and rollback of protectionist measures till the end of 2018 and reaffirm our determination to deliver on it,” said the G20 Leaders’ communique. The G20 nations reaffirmed to continue support the work of WTO, UNCTAD and OECD in monitoring protectionism.

“We emphasise that the benefits of trade and open markets must be communicated to the wider public more effectively and accompanied by appropriate domestic policies to ensure that benefits are widely distributed,” it said.

After the two-day summit in the Chinese town, the leaders committed to ratify the Trade Facilitation Agreement by the end of 2016 and call on other WTO members to do the same. The agreement was aimed at promoting global trade through easing Customs procedures.

“We reaffirm our determination to ensure a rule-based, transparent, non-discriminatory, open and inclusive multilateral trading system, with WTO playing the central role in today’s global trade,” it said.

They also reiterated advancing negotiations on remaining DDA (Doha Development Agenda) issues as a matter of priority, including all three pillars of agriculture – market access, domestic support and export competition, non-agricultural market access and services, among others. Highlighting the important role that bilateral and regional trade agreements can play in liberalising trade and development of trade rules, the countries recognised the need to ensure they are consistent with WTO rules.

The leaders also endorsed the strategy for global trade growth, under which the G20 will lead by example to lower trade costs, harness trade and investment policy coherence, boost trade in services, enhance trade finance, promote e-commerce development, and address trade and development.

Further, it said, they would support policies that encourage firms of all sizes, in particular women and youth entrepreneurs, women-led firms and SMEs, to take full advantage of global value chains. It said the G20 will continue to prioritise its work on food security, nutrition, sustainable agricultural growth and rural development as a significant contribution to implementing the 2030 Agenda for Sustainable Development.

It also reaffirmed its commitment to promoting investment with focus on infrastructure in terms of both quantity and quality.

“We stress importance of quality infrastructure investment, which aims to ensure economic efficiency in view of… job creation, capacity building, and transfer of expertise and knowhow on mutually agreed terms and conditions while addressing social and environmental impacts and aligning with economic and development strategies,” it said.