The global economy is in crises
The Minister of Trade and Industry, Dr Rob Davies today attended a two-day G20 Trade Ministers meeting in Shanghai, China.
The establishment of the G20 Trade Ministers Forum follows a decision by the G20 leaders to better coordinate efforts to reinforce trade and investment and mandated Trade Ministers to meet on a regular basis on trade and investment issues.
The Ministers considered the outcomes and recommendations of G20 Trade and Investment Working Group (TIWG) that was established this year following a decision by the G20 leaders to Trade Ministers to better coordinate efforts to reinforce trade and investment.
The BRICS ministers of Trade and Commerce in 2012 called on the G20 to strengthen its coordination and find ways to improve the multilateral trading system in order to address current global economic uncertainties.
Key issues that member states discussed at today’s G20 Trade Ministers Forum
included mechanisms to support global trade growth; explore the contributions of the G20 to support the multilateral trading system; explore contribution of the G20 including capacity building to assist developing countries and SMEs to integrate into the global value chains among others; promoting global investment policy cooperation and coordination.
Chinese Minister of Commerce, who is also the Chair the G20 Trade Ministers, Gao Hucheng said that the global economy is in crises and called on major economies to lead in addressing it. Hucheng said the international community expects the G20 to show leadership in resolving the global economic problems that we are facing.
South African Minister of Trade and Industry, Dr Rob Davies earlier said that the G20 Trade Ministers meeting was taking place at a critical time when the global economy is experiencing global shifts, including a slowdown in global trade which is a concern for all countries.
Tomorrow the meeting is expected to adopt the G20 Trade Ministers Meeting Statement that will amongst others indicate how to achieve what the meeting discussed- the objectives for common global growth and prosperity.
Enquiries:
Sidwell Medupe
Departmental Spokesperson
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
Twitter: @the_dti
