The Group of 20 (G20) Trade and Investment Ministers have pledged to continue their cooperation to support recovery of international trade and investment, support the reform of the World Trade Organization (WTO), encourage greater international competitiveness of micro, small and medium-sized enterprises (MSMEs), foster economic diversification, and strengthen international investment.
In a Communiqué, published after a virtual ministerial meeting held recently, the ministers expand upon each of these commitments, and recommend that “these important topics” be considered by leaders at the G20 Leaders Summit in Riyadh in November.
The Communiqué includes a summary of discussions under the Riyadh Initiative on the Future of the WTO, G20 policy guidelines on boosting MSMEs’ international competitiveness, two synthesis reports on G20 members’ best practices and lessons learned on trade in services and special economic zones (SEZs), and a G20 statement on technical assistance for investment attraction.
The ‘G20 Statement on Technical Assistance for Investment Attraction’ highlights the importance of foreign direct investment (FDI).
The Communiqué concludes by recognizing the relationship between industrial, investment, and trade policies. It also notes the process underway to select the WTO’s next Director-General, which is set to conclude by 7 November 2020.