Brussels, 20/06/2012 (Agence Europe) - Although it has by no means met all its promises since 2008, the G20 has reaffirmed its commitment to free trade and its opposition to protectionism.
Meeting up on 18 and 19 June in Los Cabos, Mexico, G20 leaders (South Africa, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, US, India, Indonesia, Japan, Mexico, Russia, Turkey and the EU-including Germany, France, Italy and the United Kingdom) reaffirmed their, “firm commitment to liberalising trade and investment and resisting protectionism in all its forms”. The G20 considers that these conditions are “necessary” if there is to be any sustainable recovery in the global economy, job creation and development. G20 leaders also reaffirmed their commitment to creating an environment that was investor friendly and promised that there would be no change until the end of 2014, with regard to barriers on trade and abandoning previous measures, including export restrictions and measures aimed at encouraging exports. Criticised by the most recent report by the WTO, OECD and UNCTAD, G20 countries are, however, faced with the challenge of keeping their promises. Far from having decreased, protectionism has increased in the main world economies, given that the restrictions imposed by governments continually increase and the withdrawal of these barriers has slowed down since October 2011. At the end of May, the WTO criticised the fact that trade barriers now affect almost 4% of G20 countries' trade.
There are increasing bilateral trade agreements among G20 leaders, who have also reaffirmed their commitment to finding “credible approaches” to pushing forward multilateral negotiations in the Doha Round. Concrete results are expected, “in areas where progress is possible”, such as the facilitation of trade and accession procedures for LDCs. (EH/trans/fl)