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Ministers of G20 countries agree to 'oppose protectionism'


07-10-2016 17:16 BJT

Full coverage: G20 Hangzhou Summit

Trade ministers from the Group-of-20 countries have gathered in Shanghai to discuss ways to boost trade and investment worldwide. China's Commerce Minister, Gao Hucheng said they have agreed to "clearly oppose protectionism" against cross-border trade.

"Following ten rounds of negotiations, the G20 members have reached consensus on nine core principles for global investment policy. First we should clearly oppose protectionism with regards to global investment. We should also create an open, transparent and predictable investment  environment," said Gao Hucheng, China's Commerce Minister.

The meeting comes ahead of the September G20 Summit in nearby Hangzhou. Officials and representatives of international organizations, including the World Bank, discussed multi-lateral trade mechanisms, trade policies, and the global value system. The subject of cross-border investment was also incorporated for the first time.

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