Arab News

G20 ministers stand united in virus fight

Steps pledged to bridge digital divide, boost e-commerce

- Arab News Jeddah

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 rulesbased 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 womenowned businesses, as well as women’s increased participat­ion in global markets and internatio­nal trade.

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