G20 Summit concludes, members endorse multilateral trade system

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The 13th summit of the Group of 20 (G20) has come to an end with a joint communique reached on building consensus for fair and sustainable development on Saturday local time in Buenos Aires, Argentina.

Multilateral trade system

In the declaration, members agreed that "international trade and investment are important engines of growth, productivity, innovation, job creation and development, and the contribution that the multilateral trading system has made to that end."

However, "the system is currently falling short of its objectives, and there is room for improvement. We, therefore, support the necessary reform of the WTO to improve its functioning," members said, adding they will review progress in that direction at the next summit.

Noting the current trade issues, members also reaffirm their pledge to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks, by stepping up dialogue and actions to enhance confidence, according to the communique.

"We renew our commitment to work together to improve a rules-based international order that is capable of effectively responding to a rapidly changing world," it said.

Also on Saturday, Chinese President Xi Jinping and the U.S. President Donald Trump concluded their closely-watched talks with the agreement that no additional tariffs will be imposed on each other.

Climate change

Climate change has been another hot topic during this year's G20 summit. With regard to this, signatories to the Paris Agreement reaffirm that the Paris Agreement is irreversible and commit to its full implementation.

However, the United States reiterates its decision to withdraw from the Paris Agreement in the joint declaration.

At a press conference that concluded the summit, Argentine President Mauricio Macri said that "every one of us has to continue addressing their commitments giving strong support to renewable energies."

In the declaration, G20 leaders also agreed to make joint efforts on various issues including transformative technologies, access to education, infrastructure, food security and nutrition framework, gender equality, etc.