SHANGHAI, 10th July 2016 (WAM) — Trade ministers from the world’s major economies have approved a broad trade growth strategy aimed at reversing a slowing in global trade, and backed guiding principles for global investment policymaking.
The trade growth strategy adopted by the Group of 20 trade ministers, who wrapped up a two-day meeting in Shanghai on Sunday, spelled out broad principles for stimulating trade, including lowering costs, boosting trade finance and stimulating the service sector.
The investment policymaking guiding principles urged governments to avoid protectionism in relation to cross-border investment and establish “non-discriminatory, transparent and predictable” conditions for investment.
“The global recovery continues, but it remains uneven and falls short of our ambition for strong, sustainable and balanced growth. Downside risks and vulnerabilities persist,” the ministers said in a joint statement.
“We agree that we need to do more to achieve our common objectives for global growth, stability and prosperity.”
The ministers discussed the need to address overcapacity, particularly in the steel sector.
The joint statement reflected China’s concerns that the country was being singled out for blame for a glut that has led to a collapse in global prices, noting instead that excess capacity in steel and other industries is “a global issue which requires collective responses”, and that subsidies and government support could cause distortions.