Arab News, Wednesday, Sep 23, 2020 | Safar 06, 1442
G20 trade and investment ministers discuss COVID-19 response under Saudi Arabia's presidency
Saudi Arabia: The G20 trade and investment ministers on
Tuesday pledged to work together to mitigate the impact of the coronavirus
disease (COVID-19) outbreak on global trade and investment.
Saudi Arabia’s Minister of Commerce, Majid Al-Qasabi, told the virtual meeting
that measures adopted by the G20 in May were “critical for sustaining the flow
of essential goods and services across borders and limiting the human toll of
the pandemic.”
Khalid Al-Falih, Saudi Arabia’s minister of investment, said the collective G20
response to COVID-19 had started to deliver early signs of a “resilient, and
stable economic recovery.”
Ministers praised Saudi Arabia’s role in promoting the principles of the
multilateral trading system by launching the Riyadh Initiative on the Future of
the WTO to demonstrate political support for World Trade Organization reform
discussions.
Al-Qasabi said the challenging times call for an open, fair and rules-based
multilateral trading system to support global economic recovery.
“Urgent action is necessary regarding the functioning of the dispute settlement
system to contribute to predictability and security in the multilateral trading
system,” a communique issued after the meeting said.
As health challenges continue to take center stage, ministers emphasized the key
role of the multilateral trading system in promoting stability and
predictability of international trade flows, as well as of trade and investment
policies in ensuring that all countries have access to vital medical supplies
and pharmaceuticals, including vaccines, at an affordable price and on an
equitable basis.
The meeting highlighted the role e-commerce has played during the pandemic, with
ministers saying that it helped sustain economic activity and ensured continued
operation of supply chains.
“We also note that the pandemic has underscored the challenges of the lack of
access to the digital economy for many vulnerable citizens due to the
persistence of the digital divide,” they said.
The ministers reaffirmed the need to reinvigorate the work program on e-commerce
at the WTO.
The meeting also focused on encouraging greater international competitiveness of
micro, small, and medium-sized enterprises (MSMEs) to foster economic
diversification.
“Under the Saudi G20 presidency, we compiled a set of policy guidelines that
serve as a reference for policymakers when supporting MSMEs’
internationalization efforts,” Al-Qasabi said.
Trade and investment ministers pledged to continue helping MSMEs overcome
different challenges, particularly in developing and the least developed
countries.
The G20 ministers highlighted the importance of economic diversification, saying
it helps reduce vulnerability to economic shocks.
“We acknowledge that trade in services and special economic zones could foster
economic diversification,” they said.
The ministers also pledged to support the growth of women-owned businesses, as
well as women’s increased participation in global markets and international
trade.