In a statement released following the two-day G20 Trade Ministers Meeting in Shanghai, G20 economies vowed to improve international trade governance in view of the global slowdown due to increasing anti-trade measures that have become more universal since 2009.
To boost trade the G20 ministers, from the world's major economies, agreed to cut trade costs, increase policy co-ordination and enhance financing. They would remain committed to an open global economy, and will further work towards trade liberalisation and facilitation.
The G20 economies recognised that global value chains (GVCs) encompassing regional value chains (RVCs), are important feature of the global economy, and are important drivers of world trade. G20 economies vowed to support low-income countries (LICs) to participate more in global value chains (GVCs) to drive global trade growth.
China's commerce minister Gao Hucheng said at the meeting in Shanghai that major economies must lead the way in tackling problems, including slowing trade and sluggish growth. He added that the outlook for the global economy remains grim despite it having overcome the impact of the 2008 financial crisis. Mr Gao said the international community now expected the G20 to show initiative and leadership in solving economic growth problems.
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