Brasilia: Ministers from the G20’s largest economies reached a consensus on Thursday, emphasizing that global trade and investments should support sustainable development and increase women’s participation in international trade.
The ministers also underscored the need for rapid reform within the World Trade Organization (WTO) to establish a “faster, more agile, and effective” conflict resolution system, Brazil’s Vice President and Trade Minister Geraldo Alckmin reported.
The outcomes from the G20 trade ministers’ meeting in Brasilia will be forwarded to the G20 leaders’ summit in November, hosted by Brazil in Rio de Janeiro, and included in their joint statement.
Highlighting the significant moment, Alckmin noted that this is the first time the G20 has formally addressed women’s greater inclusion in global trade. He explained that Brazilian President Luiz Inácio Lula da Silva advocated for this principle, making it a key G20 agenda item.
With Brazil hosting the COP30 climate talks next year, the Brazilian delegation prioritized climate action, proposing that the G20 adopt policies encouraging environmentally sustainable trade and investment. Additionally, Lula has placed a strong focus on global governance reform, and the ministers agreed to support WTO reform and reinforce a multilateral trading system, as outlined in a statement from the Brazilian government.
“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 will work to ensure a level playing field and fair competition to foster a favorable trade and investment environment for all,” the statement read.
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While the one-day meeting steered clear of contentious geopolitical issues, members briefly discussed matters involving Russia, Ukraine, and Gaza. However, perspectives diverged, with some members pressing for G20 involvement in these matters while others felt it was not the appropriate platform.
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“There were disagreements in drafting the texts, and some points were dropped. However, consensus was ultimately reached on all issues, including the proposal on women in international trade,” shared an Asian diplomat who attended the meeting.
