G20 Summit to Boost Global Trade and Investment
Several documents that are likely to be ratified at the upcoming Group of 20 Summit (G20 Summit) will promote trade facilitation, curb protectionism and boost cross-border investment, an official with China’s Ministry of Commerce (MOC) said Saturday.
It is hopeful for the G20 Summit scheduled for 4-5 September to ratify a G20 Strategy for Global Trade Growth, which may become a guiding document for G20 members’ trade cooperation, Vice Minister of Commerce Wang Shouwen said at a press conference.
During a G20 Trade Ministers Meeting in Shanghai in July 2016, consensus was reached upon the strategy, which included principles and measures to lower trade cost, boost trade in services and enhance trade finance.
Wang said that G20 members need to take effective measures to boost global trade amid lackluster world trade growth and rising trade protectionism.
World trade growth has been lower than global economic growth for four consecutive years since 2012, and about 2,800 trade restricting measures have been rolled out by World Trade Organization (WTO) members since October 2008, with 75% of them still effective now.
Complicated regulations for global investment have also brought inconvenience to investors, as there are currently more than 3,300 investment agreements around the world, Wang said.
Business leaders from G20 members have called for action to solve the problem and create a sound investment environment, according to the vice minister.
As a result, China for the 1st time pushed investment policy coordination onto the G20 agenda this year, Wang said.
If ratified, G20 Guiding Principles for Global Investment will become the general framework of global investment regulations and represent a historical step in multilateral investment policy coordination, Wang added.
China sent a not so subtle message to Barack Hussein Obama on landing in China for the G20 Summit.
A Chinese official confronted US President Barack Hussein Obama’s NSA (national security advise) on the tarmac Saturday prompting the Secret Service to intervene.
China wants a trouble-free G20 Summit of the world’s top economies as it looks to cement its global standing and avoid acrimony over a long list of tensions with Washington especially over it command of the South China Sea
Shortly after Mr. Obama’s plane landed in the eastern city of Hangzhou, a Chinese official attempted to prevent Susan Rice from walking to the motorcade as she crossed a media rope line, speaking angrily to her before a Secret Service agent stepped between them.
Ms. Rice comments were inaudible to reporters standing underneath the wing of Air Force One.
The same official shouted at a White House press aide who was instructing foreign reporters on where to stand as they recorded Obama disembarking from the plane.
“This is Our Country. This is Our Airport,” the official said in English, pointing and speaking angrily with the aide.
Mr. Obama downplayed dust-ups involving his NAS adviser and Chinese security officials during the opening hours of his trip to Hangzhou for the G-20 Summit, but said Sunday the US would not apologize for its efforts to expand media access in the country.
Mr. Obama is playing “out of his league” in the Summit’s host country.
Have a terrific Labor Day Weekend