G20 Reaffirms Support for Removing Trade Barriers
The G20 is "firmly committed to open trade and investment, expanding markets and resisting protectionism in all its forms, which are necessary conditions for sustained global economic recovery, jobs and development," G20 leaders said in their closing statement: "We underline the importance of an open, predictable, rules-based, transparent multilateral trading system and are committed to ensure the centrality of the World Trade Organization."
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The G20 leaders also said:
- They're "deeply concerned about rising instances of protectionism around the world [and] reaffirm our standstill commitment until the end of 2014 with regard to measures affecting trade and investment, and our pledge to roll back any new protectionist measure that may have arisen, including new export restrictions and WTO-inconsistent measures to stimulate exports.
- They recognize "the relevance of regional and global value chains to world trade [and] encourage a deepening of these discussions in the WTO, UNCTAD and OECD within their respective mandates."
- They "stand by the Doha Development Agenda mandate and reaffirm our commitment to pursue fresh, credible approaches to furthering trade negotiations across the board."
- They supported strengthening the WTO through improving the way it conducts its regular business, and its dispute settlement system.