The Trade and Investment Ministers of the G20 and guest countries have pledged to avoid "unnecessary" trade barriers on essential goods including food during the coronavirus pandemic.
The ministers said export restrictions on vital medical supplies and other essential goods, if necessary, must be "proportionate, transparent, temporary" and must not create "unnecessary barriers to trade or disruption to global supply chains".
Following a virtual meeting hosted by Saudi Arabia, the ministers also pledged to "refrain from introducing export restrictions on agricultural products" and avoid "unnecessary food-stockpiling".
They pledged “to contribute to laying a solid foundation for global economic recovery based on a strong, sustainable, balanced, and inclusive growth.”
The statement also said they endorsed the “G20 Actions to Support World Trade and Investment in Response to COVID-19” prepared by the Trade and Investment Working Group.
“While the short-term responses are designed to alleviate the impact of COVID-19, the long-term actions support the necessary reform of the WTO and the multilateral trading system, build resilience in global supply chains, and strengthen international investment,” said the statement following the ministers’ second extraordinary meeting.
The ministers welcomed the collective work carried out by the international organizations to provide a consolidated in-depth analysis of the pandemic’s impact on world trade, investment and global supply chains.
“We will continue working with these organizations, within their mandates, to facilitate investment and flows of essential goods and services. We will continue monitoring the situation closely, assessing the impact of the pandemic on trade, and convene again as necessary,” they said.
The ministers tasked the G20 Trade and Investment Work Group to provide status updates on the implementation of the agreed actions.
