In the framework of the IMF/WB Spring Meeting, the Trade & Investment Task Force met on Friday 20th.
The B20 and the US Chamber of Commerce (USCC) hosted the Trade & Investment Task Force meeting at the Chamber´s headquarters in Washington, D.C.
Paolo Rocca, president and CEO of Techint Group, and Chair of the Task Force, opened the meeting which focused on the WTO´s role as the leading institution of the international trade system, the technological revolution and its effect on global exchanges, and how to overcome the obstacles faced by the global value chain.
‘‘The multilateral ruled-based system stands as a foundation for international trade, and the WTO has an important role in promoting a level playing field for all its participants. To assure inclusive and sustainable globalization, G20 leaders should promote policies that remove distortions and avoid preferential treatment to State Owned Enterprises. Trade and Investment jointly contribute to the establishment of a fair and open global environment, and government policies should consider how to foster and promote the free flows of capital, goods and services. A comprehensive approach to the trade agenda should include rules and standards adapted to the digital age, considering data flows, intellectual property protection, data protection and cybersecurity. SMEs area is an essential component of inclusive trade, and the G20 leaders should consider policies that facilitate SMEs insertion on the global value chain.’’, said Paolo Rocca.
Additionally, Fernando Landa, B20 Policy Sherpa, stated that ‘’Global trade rules need to be updated in order to grant inclusive competition within a level playing field. B20 is setting a positive agenda comprising several aspects, from competitive neutrality of state owned enterprises up to new rules for the digital age. In this reinvigoration effort, it also becomes evident that, in order to reach the zero hunger UN goal, it is essential to make progress on the food global value chain where substantially enabling trade is lagging behind’’.