BERLIN (Dow Jones) – In view of the corona pandemic, the G20 countries have reaffirmed their commitment to free trade. According to the 43-page declaration, the trade ministers agreed after a virtual meeting to strengthen international cooperation and also to look at the concerns of the least developed countries. The video conference under the Saudi Arabian presidency was the second exchange on the Covid-19 pandemic in this group since May.
This time around, the G20 trade ministers are committed to taking measures to limit the economic and social damage caused by the pandemic. “Stable framework conditions in the area of trade and investments can make an important contribution to the global economic recovery,” declared Federal Economics Minister Peter Altmaier (CDU). “Today’s joint declaration is an important step in this direction.” Small and medium-sized enterprises should not be ignored either.
The G20 ministers also agreed on steps to reform the World Trade Organization (WTO), the settlement of which is currently blocked due to the trade dispute between the US and China. Altmaier demanded that the G20 must make “a positive contribution” here.
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(END) Dow Jones Newswires
September 22, 2020 11:39 AM ET (3:39 PM GMT)