G20 Trade and Investment ministers pledge to invigorate the international trading system

Trade and investment ministers from the G20 met in Mar del Plata, Argentina. They called for intensified dialogue and action towards updating the WTO system and ensuring sustainable economic growth. Officials endorsed a joint trade ministerial statement, pledging to cooperate to “enhance sustainable economic growth, keep markets open, address economic development and reinvigorate the international trading system”, improving the WTO to face current and future challenges. In parallel, South African Trade and Industry Minister Rob Davies reminded that “legitimate and durable solutions, including any WTO reform, require that the needs of all and not only the needs of some are taken into account. For Africa policy space to industrialise is paramount”. The statement also included a section on inclusive agro-food global value chains, emphasising the value of greater participation of women and MSMEs, as well as  a separate section on “the new industrial revolution” and the opportunities and challenges that policymakers should consider going forward. The Think20, a coalition of experts, think tanks, and research institutes, also held their summit in Argentina and presented their recommendations for the G20.