The G20 Riyadh Summit, which was held virtually on Saturday and Sunday, yielded concrete results in five areas relating to economy and trade, an official with China's Ministry of Commerce (MOC) said Monday.
In terms of economic and trade cooperation, a major component holding the group together, the summit approved the G20 Actions to Support World Trade and Investment in Response to COVID-19, said Chen Chao, an MOC official. The document introduced 38 measures aimed at enhancing trade facilitation and fostering international investment, among other objectives.
The summit vowed to uphold the multilateral trading system, voicing support for the necessary reform of the World Trade Organization (WTO), as enshrined in the Riyadh Initiative on the Future of the WTO.
In keeping the markets open, G20 economies will ensure a free, fair, inclusive, non-discriminatory, transparent, predictable, and stable trade and investment environment, as well as a level playing field, according to Chen.
Another decision of the summit was to increase the sustainability and resilience of national, regional, and global supply chains, and help developing and least-developed countries integrate better into the trading system.
G20 economies will also encourage micro, small and medium-sized enterprises to participate more in international trade and investment to promote inclusive economic growth.
China is ready to work with G20 members to implement the consensus, support multilateralism and free trade, and contribute to a strong, sustainable, balanced and inclusive recovery of the world economy, Chen said.