The text of the closing statement of the G20 trade ministers meeting on Corona
Economy News - Baghdad
The Ministers of Trade and Investment of the Group of Twenty and the hosting countries affirmed that the Corona pandemic is a global challenge that requires coordinated response, in which rows unite and concerted efforts to face this common threat, stressing that the time has come for the international community to work more than ever to double coordination and cooperation to protect life Humanity and laying the foundations for a strong economic recovery and sustainable, balanced and comprehensive growth after this crisis.
This came in a statement carried by the Saudi Press Agency "SPA" and seen by "Al-Iqtisad News", after the hypothetical meeting held by the Trade and Investment Ministers of the Group of Twenty today, with the aim of assessing the impact of the Covid 19 virus pandemic on trade and investment, as follows:
"We - the Ministers of Trade and Investment of the Group of 20 and the hosting countries - express our deep sorrow and regret over the devastating humanitarian crisis left by the outbreak of the Corona Virus (Covid 19), and we want to confirm that this pandemic is a global challenge that in turn requires a coordinated global response.
Accordingly, after the end of the work of the extraordinary virtual summit on March 26, 2020, the G20 leaders pledged to "unite ranks and join efforts to confront this common threat." Now is the time for the international community to more than ever redouble coordination and cooperation to protect human life and lay the foundations for a strong economic recovery and sustainable, balanced and comprehensive growth after this crisis.
In this context, we want to point out that we have begun to monitor and evaluate the impact of this pandemic on trade, in keeping with our commitment to the task assigned to us by our leaders.
We are actively working to ensure the continued flow of medical supplies and equipment, essential agricultural products and other essential goods and services across borders in order to support the health of our citizens. In keeping with our national requirements, we will take the necessary immediate measures to facilitate the movement of trade in basic products.
We will also support the availability of medical supplies and pharmaceuticals and will strive to enable access to them at reasonable and fair prices so that they reach those who need them most as quickly as possible, by encouraging additional production by providing targeted incentives and investments consistent with national conditions.
We will never fail to combat exploitation and unjustified price increases.
We are all concerned about the effects of the Corona Virus (Covid-19) pandemic on fragile developing countries and the least developed countries, especially in Africa and small island states, and we are also concerned about the massive challenges faced by workers and businesses, particularly the most vulnerable groups. Therefore, we will ensure that our joint response to this pandemic will support micro and small and medium enterprises, while emphasizing the importance of strengthening international investment.
We all agree that the emergency measures designed to counter the pandemic of the Coronavirus (Covid 19) - if necessary - must be targeted, equal, transparent, and temporary, and not impose any unnecessary barriers to trade or disrupt global supply chains and must comply with WTO rules . We intend to implement these measures and at the same time adhere to the principle of international solidarity, especially in light of the emerging needs of other countries in providing emergency supplies and providing humanitarian assistance.
In this context, we affirm the importance of transparency in the current period and our commitment to continue to notify the World Trade Organization of any trade-related measures or measures that will be taken, which will enable global supply chains to continue to work in light of this crisis while accelerating the next economic recovery process.
We will adhere to the individual and collective level as we fight this pandemic and seek to mitigate its effects on trade and investment at the international level by continuing to work together to create a free and fair trade and investment environment free from bias and discrimination and transparent, stable and predictable while keeping our markets open.
We will ensure the smooth and continuous operation of the logistics networks that form the backbone of global supply chains. We will also explore ways to keep logistical networks open by air, sea and land shipping, as well as identify possible ways to facilitate the necessary movement of health personnel and businessmen across borders without undermining efforts to reduce the spread of the virus .. and we will continue our work in monitoring and assessing the impact About this pandemic on trade.
In this regard, we invite international organizations to provide in-depth analyzes of the impact of the Corona Virus (Covid-19) pandemic on international trade and investment and on global value chains. We will also continue to work together with these organizations to provide coordinated direction, gather and share best practices to facilitate the flow of essential goods and services.
We will meet again if the need arises, and we have mandated the Trade and Investment Working Group of the Group of Twenty to raise these issues about earning and identifying additional proposed measures that would mitigate the effects of the large-scale Corona Virus (Covid-19) while specifying actions to be taken on Long term to support the international trading system and accelerate economic recovery.
In this context, we affirm that the Italian Presidency of the Group of Twenty for the next year 2021 is committed to continuing to pay close attention to the international commercial climate during discussions on long-term measures.