G-20 pledges to remove protectionism
Q. G-20 leaders have pledged to roll back protectionist measures by the close of 2018. This includes which nations?- Published on 06 Sep 16a. US
b. China
c. India
d. All of the above
ANSWER: All of the above
G-20 nations pledged to roll back protectionist measures by end of 2018 and ensure rule based, transparent multilateral trading system with WTO for global growth.
- The group of 20 nations also reaffirmed to continue to support the world of WTO, UNCTAD and OECD in monitoring protectionism
- Emphasising the benefits trade and open markets must be communicated to the wider public more effectively and accompanied by domestic policies to ensure benefits are widely distributed.
- Leaders also committed to ratify the Trade Facilitation Agreement towards the close of 2016 and called for other WTO members to do the same.
- They also reiterated advancing negotiations on remaining Doha Development Agenda issue as a matter of priority including three pillars of agriculture-market access, domestic support and export competition, non agricultural market access and services among others.
- The nations also recognised the need to ensure consistency with WTO rules.
- Leaders also endorsed the strategy for global trade growth under which the G20 will lead by example to lower trade costs, harness trade and investment policy coherence boost trade in service, enhance trade finance and promote e-commerce development and address trade and development .
- It also added that the G-20 will continue to prioritise the work on food security, nutrition, sustainable agricultural growth and rural development as a significant contribution to implementing the 2030 Agenda for Sustainable Development
- The G-20 also reaffirmed its commitment to promoting investment with focus on infrastructure in terms of both quantity and quality
- It would also support policies that encourage firms of all sizes in particular women and young entrepreneurs, women led firms and SMEs to take advantage of global value chains.
- Further it said generating quality employment is indispensable for sustainable development and is at the centre of the domestic and global agenda of the G-20.
- The communique also stressed it will further develop G-20 employment plans in 2017 to address these commitments and monitor progress in a systematic and transparent manner in attaining the G-20 goals especially on youth employment and female labour participation
