G-20 member states on Saturday agreed to support policies that will enable business and investment to serve as engines of growth and prosperity for all. According to the G-20 New Delhi Declaration (New Delhi Leaders Summit Declaration), a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system is essential at the core of the World Trade Organization (WTO). Is. “We will support policies that will enable trade and investment to serve as engines of growth and prosperity for all,” the New Delhi manifesto said.

Reiterated commitment on ensuring equal opportunities

The leaders reiterated their commitment to ensuring a level playing field and fair competition by discouraging protectionism and market distorting practices, thereby promoting a favorable business and investment environment for all. According to the New Delhi declaration, “We reiterate the need to pursue WTO reform to improve all of its functions through an inclusive member-driven process. “We are committed to holding discussions with a view to making a complete and well-functioning dispute resolution system accessible to all members by 2024.”

agreed to work constructively

According to the declaration, they agreed to work constructively to ensure a positive outcome at the 13th WTO Ministerial Conference (MC13) to be held in Abu Dhabi in February. The MC is the highest decision-making body of the Geneva-based 164-member WTO, which sets rules for global exports and imports besides adjudicating on trade disputes between member countries.