News Karnataka
Thursday, December 01 2022
World

G20 foreign ministers commit to WTO reforms

Photo Credit :

Nagoya (Japan): G20 foreign ministers have pledged to push for reforms in the World Trade Organization (WTO) during a meeting Saturday in the Japanese city of Nagoya.

The announcement was made by Japan’s Foreign Minister Toshimitsu Motegi at a press conference on the agreements reached at the event, which also marked the conclusion of Japan’s rotating presidency of the 20 most industrialised and emerging countries before Saudi Arabia chairs the summit in 2020, reported Efe news.

The meeting took place amid an ongoing trade war between the US and China, which has adversely affected several other nations and allowed the resurgence of sentiments against free trade.

Motegi acknowledged that while global confidence in the multilateral context was being undermined, the G20 shared the view that the WTO needed to be reformed to be able to address current problems.

WTO reforms being contemplated included the possibility of improving mechanisms for resolving trade disputes.

During the press conference, Motegi also reflected on the need to conclude negotiations for establishing the Regional Comprehensive Economic Partnership for Asia and Oceania with the agreement of 16 countries that have promoted the initiative since its inception.

India, one of the important initial members of the RCEP, dropped out of negotiations earlier this month.

Motegi said the RCEP was one of the initiatives that should be defended to strengthen global free trade.

The G20, a forum initially promoted by finance and central bank officials, brings together the richest countries and the world’s major emerging economies in a common platform.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published. Required fields are marked *

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp