G20 trade officials meet in Paris to discuss actions to boost trade and reduce trade costs for business
On Tuesday, 6 May, trade officials from G20 members met in Paris to discuss trade actions that will be included in their G20 country growth strategies to boost the flow of goods in their economies, make it easier for business to trade and reduce transaction costs.
Members discussed the changing nature of trade, specifically through the rapid growth of global value chains (GVCs) and how this is impacting on their economies. GVCs, in which goods are produced in different locations and often cross borders several times before being completed for final sale, present new opportunities as businesses take advantage of globalised production practices. G20 trade officials discussed how governments can help business better compete in domestic and global markets. Measures considered included actions to streamline customs procedures, reduce red tape, increase the role of services, improve the business environment, and remove trade restrictive measures. Members discussed their own country experiences, reflecting on specific domestic circumstances, on trade and participation in GVCs.
The business community also had the opportunity to present their views on the best actions that governments can take to boost trade. Robert Milliner, representing the Business 20 (B20), said business would present its recommendations on trade to G20 trade ministers when they meet in July.
Read more information about the G20's work on trade.
Image: Trade officials meeting in Paris on Tuesday, 6 May.