G20 Ministers agree world trade to foster sustainable development, enhance women’s role

G20 Ministers agree world trade to foster sustainable development, enhance women's role


Brazilian Finance Minister Fernando Haddad (left) and Central Bank Governor Roberto Campus Neto shake hands during a G20 news conference at the World Bank/IMF annual meeting in Washington on Thursday (Oct. 24, 2024).

Brazilian Finance Minister Fernando Haddad (left) and Central Bank Governor Roberto Campus Neto shake hands during a G20 news conference at the World Bank/IMF annual meeting in Washington on Thursday (Oct. 24, 2024). , Photo Credit: AP

Ministers from the G20 group of the largest economies agreed on Thursday (October 24, 2024) that international trade and investment should promote sustainable development and increase women’s participation in world trade.

Brazilian Vice President and Trade Minister Geraldo Alcmin told reporters they also agreed on the need to increase the pace of WTO reform to achieve a “faster, more agile and effective” conflict resolution system.

The proposals agreed at the G20 trade ministers meeting in Brasilia will be presented to the group’s leaders at their annual summit hosted by Brazil in Rio de Janeiro in November and will be linked to their joint statement.

It is the first time the G20 has addressed the issue of increasing women’s participation in international trade, Mr. Alcmin said, adding that Brazilian President Luiz Inácio Lula da Silva had pushed for it to become a G20 principle.

Brazil, which will host the COP30 climate talks next year, also prioritized the need to fight climate change and proposed that the G20 should call for trade and investment that encourage environmentally sustainable economic growth.

A Brazilian government statement said Mr Lula also prioritized reform of global governance institutions and ministers agreed to support reform of the World Trade Organization and strengthening of the multilateral trading system.

“We stressed the importance of a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with the WTO at its core. We continue to promote a level playing field and fair competition. Will work to ensure a favorable business and investment environment for all,” the statement said.

The one-day meeting avoided divisive issues, although members expressed their views Russia and Ukraine and this situation in gazaBrazil’s statement said some people want them to be discussed at the G20 and others are saying this is not the right forum.

“There were disagreements in drafting the text and things were removed, but in the end everything was agreed upon, including the proposal on women in international trade,” said an Asian diplomat who attended the meeting.



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