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Welcoming the breakthrough between India and the US on the food stockpiling issue, G20 leaders on Sunday hoped it would put World Trade Organization (WTO) negotiations back on track and facilitate implementation of the trade pact that is necessary for driving growth and generating jobs.
“We commit to implementing all elements of the Bali package and to swiftly define a WTO work programme on the remaining issues of the Doha Development Agenda to get negotiations back on track,” said the communique, released after the G20 meet.
Earlier this week India achieved a major breakthrough with the US agreeing to its proposal on food security issues at WTO, a development that will pave the way for ending a three-month long stalemate on trade facilitation agreement at the multi-lateral trade body.
“This will be important to restore trust and confidence in the multilateral trading system. We agreed to discuss ways to make the system work better when we meet next year. We will continue to provide aid-for-trade to developing countries in need of assistance," it added.
The G20 leaders also called for a strong trading system in an open global economy to drive growth and generate jobs.
"We are promoting competition, entrepreneurship and innovation, including by lowering barriers to new business entrants and investment. We reaffirm our longstanding standstill and rollback commitments to resist protectionism," the communique said.
