Trade Ministers Meeting
Trade Ministers from each of the G20 member countries and invited guests, along with representatives of the Organisation for Economic Co-operation and Development, World Bank Group and World Trade Organization came together in Sydney on 19 July 2014. Chairman’s Summary is here.
Ministers and representatives discussed the trade actions G20 members are taking as part of their comprehensive growth strategies that aim to lift collective GDP by more than 2 per cent above the current trajectory over the next five years. They agreed that G20 members needed to make further contributions to support trade as part of these strategies which will form the Brisbane Action Plan to be presented to Leaders at the Leaders Summit in November.
Trade Ministers and representatives had the opportunity to hear directly from business about its recommendations to boost growth and help achieve the growth target through trade. With Treasurer Joe Hockey, Trade and Investment Minister Andrew Robb received the B20’s recommendations from B20 Chair Richard Goyder. The B20 recommendations were finalised at the B20 Summit which was held immediately prior to the Trade Ministers Meeting [Sydney, 17-18 July]. The transcript of this hand-over event is available on the official G20 website.
Ministers and representatives also discussed how to forge a stronger global trading system. They:
- reaffirmed the G20 commitment to standstill and rolling back protectionist measures introduced since the Global Financial Crisis and urged other countries to address protectionist measures;
- undertook to show leadership in their support for the full implementation of all elements of the Bali outcome agreed at the 9th WTO Ministerial Conference in 2013, including the Agreement on Trade Facilitation;
- welcomed efforts to achieve a balanced and timely post- Bali work program by December 2014;
- committed to build on the momentum from Bali to conclude the Doha Development Round;
- reaffirmed the importance of aid for trade as a means of poverty reduction; and
- discussed the importance of eliminating global supply chain barriers and the contribution that bilateral, regional and plurilateral trade agreements make towards delivering economic growth and complementing multilateral trade liberalisation. For more information on Australia’s trade agreements click here.
In line with these discussions, Trade Ministers also agreed that G20 Leaders should discuss the role of trade as a growth driver at the Leaders Summit in November.
Trade Ministers also welcomed Turkey’s announcement that it will hold a G20 Trade Ministers meeting during its 2015 G20 presidency.
Learn more about the G20 Trade Ministers Meeting
- Chair’s summary released by Minister Robb on the conclusion of the G20 Trade Ministers Meeting [PDF]
- Minister Robb, Opening remarks at Trade Ministers Meeting, Sydney
- Joint Press Conference: G20 Trade Ministers Meeting, Sydney
- Minister Robb’s Op-ed: Our G20 partners must follow our lead
- Prime Minister’s Keynote address to the B20 Summit
- Driving Growth and Jobs. B20 Policy Recommendations to the G20 [PDF]