G20 trade talks dominated by calls for WTO reforms in Gqeberha

Trade leaders gathered in Gqeberha, in the Eastern Cape, for G20 meetings have said calls for reforms in the World Trade Organisation (WTO) are again front and centre of talks.

The G20 Trade and Investment Ministerial Meeting kicked off today, following four days of deliberations by the working group. This is the last time trade officials are meeting before the highly anticipated leaders’ summit next month.

Trade and Industry Minister Parks Tau delivered the opening remarks earlier, stating that South Africa’s G20 presidency is an opportunity to reflect on the successes and failures of the last 30 years of the multilateral trading system.

READ: Gqeberha businesses see G20 trade meeting as launchpad to global markets

He emphasised the importance of sending a clear message on the reforms that need to be undertaken to inform work in the WTO, given the emerging challenges to global trade

The WTO is the largest multilateral trade organisation and the foundation of the global trading system. But for years, it has been labelled as outdated and unable to deal with the complexities of the changing global order.

Norwegian Trade Secretary Ragnhild Sioner Syrstad spoke on the matter on the sidelines: “We believe it’s important that the WTO can remain a global good—that’s a common interest and a common responsibility.”

Experts previously said the tariff crisis sparked by President Donald Trump is exactly the right time to talk trade reforms.