G20 Ministers agree world trade to foster sustainable development, enhance women's role
The Hindu
G20 trade ministers prioritize sustainable development, women's participation, WTO reform, and climate change action in global trade.
Ministers from the G20 group of largest economies agreed on Thursday (October 24, 2024) that international trade and investments should foster sustainable development and enhance the participation of women in world trade.
They also agreed on the need to speed up reform of the World Trade Organization to achieve a "faster, more agile and effective," conflict resolution system, Brazil's Vice President and Trade Minister Geraldo Alckmin told reporters.
The proposals agreed by the G20 trade Ministers meeting in Brasilia will be proposed to the group's leaders at the annual summit hosted by Brazil in November in Rio de Janeiro and be annexed to their joint statement.
It is the first time the G20 has addressed the issue of increased inclusion of women in international trade, Mr. Alckmin said, adding that Brazilian President Luiz Inacio Lula da Silva had insisted on it becoming a G20 principle.
Brazil, which will host the COP30 climate talks next year, also gave priority to the need to fight climate change and proposed that the G20 should call for trade and investments that encourage environmentally sustainable economic development.
Mr. Lula has also made reform of global governance institutions a priority and the ministers agreed to support World Trade Organization reform and the strengthening of a multilateral trading system, a Brazilian government statement said.
"We stressed the importance of a rulesbased, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with the WTO at its core. We will work to ensure a level playing field and fair competition to foster a favorable trade and investment environment for all," the statement said.
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