G-20 Pledge Support In Fight Against Coronavirus
Trade ministers from the Group of 20 (G-20) major economies have agreed to take immediate measures for facilitating trade in essential goods besides incentivising additional production of equipment and drugs to battle the coronavirus pandemic.
“We will ensure smooth and continued operation of the logistics networks that serve as the backbone of global supply chains,” according to the ministerial statement.
“We will explore ways for logistics networks via air, sea and land freight to remain open, as well as ways to facilitate essential movement of health personnel and business people across borders, without undermining the efforts to prevent the spread of the virus,” it added.
Last week, G-20 leaders pledged to put in more than five trillion dollars into the global economy to curb job and income losses caused by border closures and lockdowns aimed at halting the spread of COVID-19.
The trade leaders said G-20 and guest countries will continue to work together to deliver a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep the markets open.
“We emphasise the importance of transparency in the current environment and our commitment to notify the World Trade Organisation (WTO) of any trade-related measures taken, all of which will enable global supply chains to continue to function in this crisis while expediting the recovery that will follow.”
The pandemic is a global challenge and requires a coordinated global response, the ministers said in the statement.
“We will support the availability and accessibility of essential medical supplies and pharmaceuticals at affordable prices, on an equitable basis, where they are most needed, and as quickly as possible, including by encouraging additional production through incentives and targeted investment, according to national circumstances,” said the statement.