The 15th Summit of G20 leaders reached five consensus on economic and trade achievements

The 15th G20 summit was held in video format recently. All parties reached consensus on a series of major issues, including five practical outcomes in the field of economy and trade.

Economic and trade cooperation is one of the important pillars of the G20. Chen Chao, deputy director general of the Department of International Affairs of the Ministry of Commerce, said Wednesday that one of the economic and trade achievements was the approval of the G20 Collective Action to Address COVID-19 and Support Global Trade and Investment, which included 38 concrete cooperation measures in eight areas, including strengthening policy coordination, improving trade facilitation, promoting international investment and unimpeded logistics network.

Second, important consensus should be reached to uphold the multilateral trading system, the Riyadh initiative on the future of the WTO should be formed, the OBJECTIVES and principles of the WTO should be reaffirmed, and the necessary reform of the WTO should be promoted.

On its commitment to keeping markets open, the G20 has proposed to ensure fair competition and create a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trade and investment environment.

To improve the sustainability and resilience of global supply chains, China pledged to help developing and least developed countries better integrate into the trading system.

The G20 has also developed policy guidelines to encourage msmes to actively participate in international trade and investment and promote inclusive growth.

It is reported, in the face of COVID - 19 outbreak spread, the serious situation of international trade and investment has fallen sharply, the G20's trade minister, act quickly, in-depth implementation of the G20 leaders this year special summit consensus and successively held the meeting three times, is to strengthen international cooperation in resistance to disease, to stabilize the global industrial chain of the supply chain, promote trade and investment for sustainable growth reached 9 results documents, made good economic and trade for the summit.

The G20 represents the world's major economies, accounting for 86% of global GDP and 65% of the world's population. Chen said that 12 years ago, the G20 leaders' summit mechanism was created to deal with the global financial crisis. Twelve years later, the international community is once again faced with common challenges. It is imperative that the G20 once again play a leading role in strengthening international cooperation to jointly defeat the epidemic and promote economic development.

Chen said that China is ready to work with all the members of the G20, in-depth implementation of the summit consensus economic achievements, continue to firmly support multilateralism and free trade, oppose protectionism and unilateralism, to stabilize the global industrial chain supply chain smoothly and help support to developing countries, promoting world economic recovery to achieve strong, sustainable and balanced, inclusive, with practical action to practice human destiny community concept.