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MNI (Washington)
--Non-Binding Agreement Did Not Extend Much Beyond Platitudes
By Ryan Hauser
     WASHINGTON (MNI) - A joint statement after the Group of 20 trade ministers
met online Thursday reaffirmed their commitment to open trade to alleviate the
impact of Covid-19 and nodded to longer term priorities on WTO reform, supply
chain resilience and strengthened international investment.
     The efforts are all non-binding and represent a bare-bones effort to ensure
the open flow of goods and services during the worst downturn in global trade
since the 2008 financial crisis.
     In the statement, the trade ministers announced their intention to refrain
from new export restrictions on agricultural products while embracing
transparent, temporary, and proportionate restrictions for "vital medical
supplies and equipment and other essential goods and services."
     After the leaked resignation announcement of WTO Director General Roberto
Azevedo, the G20 trade heads also called for "necessary reform of the WTO" but
declined to offer specifics. 
     On supply chains and investments, the G20 ministers focused on the sharing
of best practices, support for SMEs, and public-private coordination, but the
statement made no mention of ongoing efforts in the U.S. and elsewhere to
reshore supply chains, especially those in medical goods and other essential
sectors.
--MNI Washington Bureau; +1 202 371 2121; email: ryan.hauser@marketnews.com
[TOPICS: M$U$$$,MI$$$$]
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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