G-20 Trade Ministers Call for Diversified Supply Chains, Return of WTO DSB
Trade ministers from the G-20 nations reaffirmed the role of the World Trade Organization, pledged to promote resilient global value chains and said they will increase transparency of sanitary and phytosanitary measures and technical barriers to trade within the WTO.
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
The group issued an outcome statement on Aug. 25 at the end of their meeting in Jaipur, India.
"We note the ongoing discussions on Dispute Settlement reform, and remain committed to conducting discussions with a view to having a fully and well-functioning Dispute Settlement System, accessible to all members by 2024," they wrote, saying that a rules-based, non-discriminatory and fair trading system "is indispensable for advancing our shared objectives of inclusive growth, innovation, job creation and sustainable development."
On supply chains, they said that some sectors' value chains cannot respond "quickly and effectively to significant disruptions," and diversified and reliable value chains are needed. They issued voluntary value chain mapping guidelines in the statement.
"We acknowledge that reliability and predictability of international trade and cargo operations, promoting international paperless trade transactions, and developing logistics infrastructure through targeted investments are vital for rejuvenating global trade demand," they wrote.
The statement also mentioned the invasion of Ukraine, but China and Russia didn't sign on to that paragraph.
"Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy by constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity cris[e]s, and elevating financial stability risks," the document said. "There were other views and different assessments of the situation and sanctions."