Canada – G20 international trade counterparts to coordinate economic action plan

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By Caribbean News Global Caribbean News Global fav Canada - G20 international trade counterparts to coordinate economic action plan

OTTAWA, Canada – Mary Ng, minister of small business, export promotion and international trade, met virtually today with her G20 international trade counterparts. During the meeting, they committed to a collective action plan to mitigate the effects of COVID-19 on jobs, trade, and the global economy, while ensuring the health and safety of their citizens.

G20 trade and investment ministerial meeting, ministerial statement, Thursday, May 14, 2020:

“We, the Trade and Investment Ministers of the G20 and guest countries, reaffirm our determination to cooperate and coordinate to mitigate the impact of the COVID-19 pandemic on trade and investment and to contribute to laying a solid foundation for global economic recovery based on a strong, sustainable, balanced, and inclusive growth.

“We endorse the “G20 Actions to Support World Trade and Investment in Response to COVID-19” prepared by the Trade and Investment Working Group (Annex). While the short-term responses are designed to alleviate the impact of COVID-19, the long-term actions support the necessary reform of the WTO and the multilateral trading system, build resilience in global supply chains, and strengthen international investment.

“We welcome the collective work carried out by the international organizations to provide a consolidated in-depth analysis of the impact of COVID-19 on world trade, investment and global supply chains. We will continue working with these organizations, within their mandates, to facilitate investment and flows of essential goods and services.

“We will continue monitoring the situation closely, assessing the impact of the pandemic on trade, and convene again as necessary. We task the G20 Trade and Investment Work Group to continue paying the highest attention to these actions and to provide status updates on the implementation of the agreed actions.”

To support businesses and workers, and lay the foundation for an inclusive and sustainable economic recovery that benefits everyone, the G20 ministers agreed to a range of short- and long-term steps designed to keep trade flowing and global supply chains open. This includes enhancing transparency; improving air, land, and marine connectivity; and strengthening international investment and the multilateral trading system.

During the meeting, minister Ng highlighted the importance of prioritizing trade-support measures over export restrictions, as well as the critical role of multilateral institutions like the World Trade Organization (WTO) in ensuring the economic stability, security and prosperity of Canadians and people around the world.

The ministers also discussed specific challenges faced by the most vulnerable people, including those in small businesses.

Minister Ng raised the WTO statement on supporting small businesses, endorsed by 49 WTO members bringing much-needed attention to help them through this crisis.

Minister Ng emphasized the need for countries to follow through on the collective actions in the G20 action plan without delay to benefit businesses, workers, and people.

Canada reaffirm efforts to inclusive economic recovery

 

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