Foreign ministers from the G20 agreed the World Trade Organisation needs urgent reform, said Japanese Foreign Minister Toshimitsu Motegi during a press conference at the G20 meeting Nagoya on Saturday, amid some countries' call to rectify what they see as unfair trade practices and unilateral measures.
«As the WTO appellate body may fall into dysfunction even next month, the group shared the... Еще urgency of the WTO reform needed to be undertaken immediately,» Motegi said.
«As the multilateral trade system faces various challenges, at the Osaka summit our leaders agreed on principles of freedom, fairness and non-discrimination, which support the free trade regime,» he added. «Because we see trust in the multilateral framework wavering, now is the time to reform the WTO, which is the cornerstone of the multilateral trade system, to be able to adequately address the various problems of contemporary international trade.»
The summit taking place in Nagoya is the last of the eight ministerial G20 gatherings hosted by Japan alongside the annual summit which took place in Osaka in June.