The Daily Manila Shimbun

 

G-20 heads vow to combat protectionism at Hamburg summit

July 9, 2017

GERMANY- The top leaders of the Group of 20 major and emerging economies vowed to keep fighting protectionism in their joint declaration adopted at the end of their two-day summit in Hamburg on Saturday.
But the leaders failed to get united in promoting the Paris climate change agreement, from which the United States has decided to withdraw. After the gathering, German Chancellor Angela Merkel, the G-20 summit chair, told a press conference that the leaders obviously were unable to form a consensus on the matter.
On trade, one of major issues discussed during the summit in this German city, the joint declaration said the G-20 members "will continue to fight protectionism including all unfair trade practices" for global growth and job creation.
"We will keep markets open noting the importance of reciprocal and mutually advantageous trade and investment frameworks and the principle of non-discrimination," the leaders said in the document.
But taking into account US President Donald Trump's stance of imposing countermeasures, such as antidumping duties, against unfair trading partners, the statement said the leaders recognized "the role of legitimate trade defense instruments."
As for the Paris Agreement, which provides an emission-reduction framework for fight against global warming, the joint paper pointed to the US withdrawal and the rest of the G-20 member states' determination to carry out measures they pledged.
"We reaffirm our strong commitment to the Paris Agreement, moving swiftly toward its full implementation in accordance with the principle of common but differentiated responsibilities and respective capabilities, in the light of different national circumstances," it said.
The declaration also showed the G-20 leaders' commitment to further strengthen their cooperation in resolving the issue of excess capacity, particularly in the steel sector.
The leaders called on a forum of the Organization for Economic Cooperation and Development "to rapidly develop concrete policy solutions that reduce steel excess capacity," according to the language in the paper. (Jiji Press)