G20 Trade and Investment Ministers meet following the Virtual Leaders’ Summit
Following the mandate of G20 Leaders, the G20 Trade and Investment Ministers met virtually on Monday 30 March 2020, under the Saudi G20 Presidency, to assess the impact of the COVID-19 pandemic on international trade and investment.
Dr. Majid Al-Qasabi, the Saudi Trade Minister, opened the virtual meeting by underscoring the devastating human crisis that the world is currently facing, as well as the worst economic downturn since 2008. He stated that G20 members have "the tools to change the course of this crisis” and stressed the need for further "coordination and cooperation, at the highest level, coupled with the right measures to mitigate the impact of the pandemic on health, the global economy, and trade and investment.”
During the meeting, G20 Trade and Investment Ministers agreed to continue their dialogue and sharing experiences to mitigate the impact of COVID-19; to facilitate the flow of vital medical supplies and equipment, critical agricultural products, and other essential goods and services across borders; to ensure that any emergency measures designed to tackle COVID-19 are targeted, proportionate, transparent and temporary; and to work together to deliver a free, fair, non-discriminatory transparent, predictable, and stable trade and investment environment.
G20 Trade and Investment Ministers committed to fulfill their Leaders mandate to step-up coordination and cooperation between G20 members and relevant international organizations with the objective to minimize the wide-range impact of the pandemic and to support global economic recovery that will follow.
The Saudi Trade Minister concluded the virtual meeting by emphasizing the need for the G20 to enhance its cooperation in addressing the COVID-19 pandemic. He also highlighted the importance to closely monitor how the situation evolves, and to convene again as necessary to agree on further actions. At the end of the meeting members, reached consensus and supported the issuance of the Ministerial Statement, which confirms to the globe the determination to mitigate the adverse of COVID 19.
Members commended the Saudi G20 Presidency for their great efforts and the Kingdom's endeavors to address the crisis.
Further information about the G20, including the Presidency Agenda and full program of events, can be found at www.g20.org
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