G20 Trade Ministers Declare Support for WTO Reform

Yoom Myung-hee, Chief Trade Negotiator, Attends G20 Regular Trade Ministers' Meeting
Agreement on Trade Ministers' Declaration for Trade and Investment Recovery and WTO Reform

Yoo Myung-hee, Director-General for Trade at the Ministry of Trade, Industry and Energy. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Trade ministers from the Group of Twenty (G20) have agreed on a joint ministerial declaration supporting reforms of the World Trade Organization (WTO). This message aligns with the rationale of Yoo Myung-hee, Director-General for Trade Negotiations at the Ministry of Trade, Industry and Energy, who is running for WTO Director-General, aiming to revive the multilateral trading system and the WTO.

The Ministry of Trade, Industry and Energy announced on the 23rd that Director-General Yoo attended the G20 virtual trade ministers' meeting at 10 p.m. on the 22nd and agreed on a joint ministerial declaration that includes support for WTO reforms and measures to restore trade and investment in response to the COVID-19 pandemic.

The meeting was attended by trade ministers from 27 countries, including Robert Lighthizer, United States Trade Representative (USTR); Zhong Shan, Minister of Commerce of China; Kajiyama Hiroshi, Minister of Economy, Trade and Industry of Japan; Valdis Dombrovskis, Vice-President of the European Commission; as well as representatives from seven international organizations such as the International Monetary Fund (IMF), World Bank Group (WBG), Organisation for Economic Co-operation and Development (OECD), and WTO.

The G20 trade ministers previously held two special virtual meetings on March 30 and May 14, agreeing on a ministerial declaration and concrete action plans addressing COVID-19 responses in trade and investment, including essential personnel movement. This meeting was the regular G20 trade ministers' meeting for 2020.

At this meeting, the G20 trade ministers particularly reaffirmed the fundamental principles and objectives of the WTO-centered multilateral trading system through the "Riyadh Initiative on the Future of the WTO" and expressed support for ongoing WTO reform discussions.

They agreed on a joint declaration reaffirming G20's commitment to the WTO, including enhancing transparency by complying with notification obligations, advancing plurilateral negotiations, and achieving outcomes in negotiations on fisheries subsidies and e-commerce at the 12th WTO Ministerial Conference scheduled for next year.

Additionally, they reaffirmed the agreements from the G20 special trade ministers' meetings on COVID-19 response, pledged to faithfully implement the action plans, and agreed to strengthen cooperation to restore trade and investment.

The G20 trade ministers also agreed on annexes aimed at increasing inclusiveness and sustainability in trade and investment, including G20 guidelines to enhance the international competitiveness of small and medium-sized enterprises (SMEs), sharing best practices among G20 members on economic diversification (promoting trade in services and utilizing special economic zones), and a G20 statement on technical assistance for investment attraction.

Director-General Yoo stated, "Multilateral cooperation is essential to overcome the current health and economic crises," and evaluated, "This meeting reaffirmed that the G20 shares a common goal of restoring the multilateral trading system."

He emphasized, "Based on the 'Riyadh Initiative,' I hope the G20 will actively play a role in restoring and strengthening the WTO, the core of the multilateral trading system," adding, "Now is the right time to turn the crisis into an opportunity."

The G20 trade ministers agreed on the urgent need for international cooperation amid ongoing contractions in international trade and investment caused by COVID-19. They pledged continuous cooperation to realize and advance the agreements made at this meeting.

This content was produced with the assistance of AI translation services.