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G20 trade and investment ministers vow to support WTO reform

(Xinhua)    03:15, September 23, 2020

RIYADH, Sept. 22 (Xinhua) -- The trade and investment ministers of the Group of 20 (G20) countries vowed on Tuesday to support the necessary reform of the World Trade Organization (WTO).

During a virtual meeting held under the presidency of Saudi Arabia, the G20 trade and investment ministers highlighted the importance to carry out the reform based on Riyadh Initiative on the future of the WTO, according to a communique by the G20 Saudi Presidency.

The Riyadh initiative provides an additional opportunity to discuss and reaffirm the objectives and foundational principles of the multilateral trading system and to demonstrate ongoing political support for WTO reform discussions, the communique highlighted.

The ministers expressed their commitment to working actively and constructively with other WTO members to undertake the necessary reform.

The officials also discussed fostering economic diversification, strengthening international investment, as well as encouraging international competitiveness of micro, small and medium-sized enterprises.

Majid Al-Qassabi, Saudi Minister of Commerce, told the meeting that the need for an open, fair and rules-based multilateral trading system is critical to support global economic recovery in these difficult times, adding that G20 will work together to strengthen the global trading system for the benefit of all.

Saudi Minister of Investment Khalid Al-Falih said the collective G20 response to the COVID-19 pandemic had started to deliver early signs of a resilient and stable economic recovery.

The trade and investment officials met on two previous occasions this year to ensure a coordinated response to the impact of COVID-19.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: He Zhuoyan, Bianji)

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