Italy Calls for Equal Rules in Global Trade as G7 Finance Ministers’ Meeting Begins
G7 Trade Ministers’ Meeting in Italy, July 16, 2024. Photo: X/ @omerbolatTR
July 16, 2024 Hour: 12:47 pm
Ministers will discuss issues such as reforming the WTO and equal conditions of access to third markets.
On Tuesday, the Group of Seven (G7) trade meeting kicked off in Italy, with talks among G7 ministers expected to address tensions that risk jeopardizing global trade and sustainable and inclusive growth.
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Taking place in the southern city of Reggio Calabria on July 16-17, the meeting will be dominated by four key topics. Ministers will discuss reforming the World Trade Organization (WTO) to consolidate the multilateral trading system, equal conditions of access to third markets, the connection between trade and environmental sustainability, and economic resilience and security.
In his opening address, Italy’s Foreign Minister Antonio Tajani called for “equal rules” to be guaranteed in global trade. “Freedoms of trade, commerce and navigation are crucial for global trade and growth… We want to ensure a level playing field for all companies in the global markets,” he said.
The G7 comprises Canada, the United States, France, Germany, Italy, the United Kingdom, and Japan, and their ministers will be joined in Reggio Calabria by the vice president of the European Commission and the Commissioner for Trade in representation of the European Union (EU).
Other non-G7 countries — including India, Turkey, Brazil, South Korea, and Vietnam — were invited due to their relevance to the topics being discussed, and will take part in working sessions devoted to supply chain resilience, the Italian presidency said.
It also stated G7 ministers and their guests would discuss all issues “with a view to maintaining trade as a driver of growth and development for both G7 members and the rest of the world.”
“Global trade is crucial, but we need to change some rules that appear inadequate today because there are new realities and important technological innovations,” Tajani said. “A constructive effort and approach is what we need to ensure equal treatment and shared rules.”
Author: teleSUR/ JF
Source: Xinhua
