B20 makes proposals on boosting global trade, investment at G20 Trade Ministers Meeting

Updated: 2016-07-26

The 2016 G20 Trade Ministers Meeting was held in Shanghai from July 9 to 10,2016.  

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The meeting, which gathered more than 500 representatives from G20 members, guest countries, and B20 and international organizations, reaped a number of major achievements, including release of the first G20 Trade Ministers Meeting Statement in the G20’s history, as well as three annexes and two consensuses.  

The meeting approved the Terms of Reference of the G20 Trade and Investment Working Group, which is a mechanism for G20 policy cooperation in trade and investment areas. Participants also approved the G20 Strategy for Global Trade Growth, which offers a vision on promoting global trade and sustainable economic growth, and identified for the first time G20 Guiding Principles for Global Investment Policymaking. These achievements are a historical contribution to strengthen coordination on development of global investment policy.  

In addition, the meeting reached an important consensus on enhancing multilateral trade mechanisms, as well as a consensus on taking comprehensive measures to help developing countries and small and medium-sized enterprises (SMEs) integrate into global value chains. 

During the meeting, Ning Gaoning, Chair of the B20 Trade and Investment Taskforce and Chairman of Sinochem Group, expounded on the B20 policy recommendations concerning trade, investment and SME development. 

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All attendees agreed that this year’s B20 policy recommendations with regard to trade, investment and SME development are well targeted, practicable and constructive, and, if adopted by the G20, would have a positive effect on world economic recovery. 

They expressed their hope that the B20 should further enhance cooperation and exchanges with the G20, maximize its role as a bridge between governments and companies, and contribute with wisdom to world economic development and prosperity.