The importance of the G-20

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The Secretary of Economy, Bruno Ferrari underlined the importance of the G-20 in the current international trading system, in the frame of the Meeting of The Secretaries of Trade that will take place on April 19th and 20th in Puerto Vallarta, Jalisco.

«The member countries of the G-20 represent almost 90 % of the world’s GDP and 80 % of its international trade.  Furthermore, he added, almost 60 % of the world’s population lives in the G-20 member countries ".

Joined by the undersecretaries of Competitiveness and Regulations, Jose Antonio Torre, and of Foreign Trade, Francisco De Rosenzweig, the head of the Ministry of Economy informed that the G-20 chiefs of State and of Government had given instructions to their secretaries to carry out a in-depth discussion on the benefits and opportunities for the multilateral trading system.

Ferrari García de Alba mentioned the fact that world trade grew only by 5% in 2011, a sharp drop from the 2010 13.8% high mark. He added; “A cause for concern is that, according to the latest estimates by the World Trade Organization, the WTO, this drop will continue in 2012, with only a 3.7 per cent rate.”

Ferrari enumerated five specific aims of the meeting of the secretaries:

1. To recognize the importance of supporting the open markets in order for trade to be fluid, through global and regional chains of value.

 2. To acknowledge the positive link between trade and growth.

3. To hear the concerns of the developing countries, particularly those countries least advanced in the integration of the global and regional production lines.

4. That the international organizations (WTO, OECD, UNCTAD) support the G-20 and they do an in-depth analysis on the issues discussed in this ministerial meeting.

 5. To establish the so-called “forward-looking” peer-review mechanism,   on the practices by all the member countries of these organizations.