G20 ministers reach deal to cut global trade costs
Officials also reaffirm commitment to reduce trade protectionism and set up a new global investment policy
The Group of 20 will work to trim global trade costs by 15 percentage points as part of a series of deals reached during a weekend meeting of trade ministers in Shanghai.
The ministers also agreed to ratify the World Trade Organisation’s trade facilitation agreement by the end of this year, extended a promise to cut trade protectionism,and agreed to establish a new coordinated global investment policy.
G20 members have agreed to act as role models in ratifying the trade facilitation agreement
“G20 members have agreed to act as role models in ratifying the trade facilitation agreement,” Commerce Minister Gao Hucheng said on Sunday at the end of the two-day meeting.
“The G20 members will push the implementation of the accord as soon as possible, help developing countries build capacity ... for the agreement, and endeavour to cut global trade costs by 15 percentage points.”
He also said some of the G20 members, including Turkey, Brazil, Russia and India, had ratified the accord since China became the G20’s host this year.
Saudi Arabia announced during the Shanghai meeting that it had just completed domestic procedures to ratify the agreement, Gao said.