G20 Delhi Declaration: WTO reform, discouraging protectionism, mutually supportive trade and green policies
G20 Summit on Saturday reiterated their commitment towards reform of the World Trade Organization (WTO), dispute settlement and that trade and environment policies should be mutually supportive consistent with global trade rules and multilateral environmental agreements.
In the New Delhi Leaders’ Declaration, the grouping- which added the African Union as its new permanent member- emphasised on avoiding discriminatory green economic policies.
“We renew our commitment to ensure a level-playing field and fair competition by discouraging protectionism and market distorting practices, to foster a favourable trade and investment environment for all,” the bloc said, highlighting its commitment to 'positive outcomes at the WTO’s Thirteenth Ministerial Conference (MC13).'
The 37-page declaration has the trade and investment agenda in a subhead titled 'Unlocking Trade for Growth.'
“We affirm that a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with WTO at its core, is indispensable,” they said.
Will support policies that enable trade, investment to serve as engine of growth: G20 Declaration
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The statement assumes significance as the WTO’s Dispute Settlement Body (DSB), is dysfunctional and a crucial point of discussion ahead of the upcoming ministerial meeting of the trade body.
“We will support policies that enable trade and investment to serve as an engine of growth and prosperity for all,”
