G-7 Trade Ministers Talk WTO, Climate
Trade ministers from the G-7 countries told World Trade Organization Director-General Dr. Ngozi Okonjo-Iweala that they will provide political momentum to the WTO reform debate, during an online meeting March 31. “The multilateral trading system can be a force for good. It has increased competition and economic growth, helped raise living standards, and lifted millions out of poverty. It must serve the needs of all its members and provide the basis for free and fair trade. G7 Trade Ministers recognised that global trade should work for democratic and open-market systems and that these should not be undermined by unfair trade,” the joint statement of the trade ministers said. The United Kingdom hosted the call. The ministers agreed that the WTO needs to strengthen transparency, change the approach to special and differential treatment for developing countries, and reform dispute settlement.
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“Trade Ministers will discuss the impact market-distorting practices, such as harmful industrial subsidies, including those causing excess capacity in some sectors, are having on our economies and chart a way to address these collectively,” the statement said. The readout from the Office of the U.S. Trade Representative called these distortions “non-market forces,” slightly different wording than that in her many recent bilateral calls, when it's frequently been called “non-market economies, such as China” causing the distortions.
The joint statement said that the G-7 trade ministers will “deepen discussions on the nexus between trade and climate and the environment with a focus on identifying opportunities for collaboration and facilitating sustainable supply chains. Additionally, G7 members are committed to reaching a meaningful conclusion in the WTO negotiations of fisheries subsidies -- which have a clear impact on sustainability.”