G-20 nations pledge to boost trade despite protectionismSHANGHAI -- The world's top 20 economies will work to boost sluggish global trade despite growing protectionism, overcapacity concerns, and uncertainty over Brexit, G-20 trade ministers said Sunday at a meeting in Shanghai. They pledged to oppose trade protectionism and reiterated a promise not to add new protective measures until 2018. Global trade is expected to grow at a tepid 2.8 percent in 2016, the World Trade Organization (WTO) said in April. The group also vowed to cut down global trade cost by 15 percent, without giving a due date. To combat the global slowdown, the ministers said they agreed to improve global trade governance and to work towards easing and liberalizing trade.

Source: The China Post July 10, 2016 16:52 UTC