Reshetnikov after the summit announced the advancement of the G20 on “important issues”
G20 participants made progress in discussing WTO reform, but adhere to “very different” views on updating world trade rules, Reshetnikov said after a ministerial meeting in the United States
The Group of Twenty (G20) has made progress in understanding a number of “important issues” related primarily to reforming the World Trade Organization (WTO). This was stated by the head of the Ministry of economic development Maxim Reshetnikov following the results of the G20 summit in the United States, where he took part.
“In the current difficult geopolitical and economic conditions, it is difficult to expect any breakthroughs from any dialogue. Nevertheless, the twenty has made progress in discussing and, most importantly, understanding some important issues, including those related to the reform of the WTO and current trade, he said.
The participants discussed the “weaponization” of trade in food and goods necessary for its production, as well as the modernization of the basic principles of the multilateral trading system. At the same time, the G20 countries differ in approaches to its transformation, Reshetnikov noted. “The views on the directions of modernization in the Group of Twenty are very different,” he said.
Reshetnikov attended the G20 Ministerial Meeting on Trade and Economic Development, which took place September 30 – October 1 in Milwaukee, Wisconsin. He led the Russian delegation. The agenda also included the cessation of the use of forced labor in supply chains, the reduction of excess capacity and chronic overproduction, the press service of the Ministry of Economic Development reported.
On the sidelines of the meeting, Reshetnikov told reporters that direct contacts between Russia and the United States on sanctions and economic cooperation are not planned. According to him, the Russian delegation communicates with the American side at the working level on certain projects, but negotiations are not underway.
The Minister also noted that in world trade there is a “break of rules” and the search for new approaches. Attempts to achieve advantages by non-market methods can benefit an individual country in the short term, but in the future lead to the accumulation of inefficiencies and the protection of entire industries from competition.
