G20 commits to open global economy amid slowdown

Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation

G20 commits to open global economy amid slowdown

World Bulletin / News Desk

Trade ministers from G20 countries have committed to an open global economy during a meeting in China, pledging to improve trade governance with the aim of combatting a slowdown in growth.

In a joint statement released at the conclusion of the Trade Ministers Meeting in Shanghai on Sunday, they agreed to push efforts toward trade liberalization and facilitation.

Turkey was represented at the gathering by Economy Minister Nihat Zeybekci, who stressed during a speech Saturday that peace and security were crucial to achieving trade growth and increased investments.

Sunday’s statement, which referred to the focus placed on investment and trade promotion during last year’s G20 summit in Antalya, also noted that efforts would be undertaken regarding the contribution of migrants in trade and the economy -- a matter that had been raised by Turkey.

During the two-day meeting in China, the ministers endorsed the G20 Strategy for Global Trade Growth that called on members to lower trade costs, harness trade and investment policy coherence, boost trade in services and enhance trade finance, Chinese state news agency Xinhua reported.

The ministerial-level meeting was hosted in advance of the 2016 G20 Summit set to be held in the eastern city of Hangzhou on Sept. 4 and 5.

 
Last Mod: 10 Temmuz 2016, 16:08
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