G-20 leaders, including those from India, the U.S. and China, on Monday promised to roll back protectionist measures by the end of 2018 and ensure rule-based and transparent multilateral trading system with WTO for global growth. We extend our commitments to standstill and rollback of protectionist measures till the end of 2018 and reaffirm our determination to deliver on it,” said the G20 Leaders’ communique. The G20 nations reaffirmed to continue support the work of WTO, UNCTAD and OECD in monitoring protectionism. The agreement was aimed at promoting global trade through easing Customs procedures. “We reaffirm our determination to ensure a rule-based, transparent, non-discriminatory, open and inclusive multilateral trading system, with WTO playing the central role in today’s global trade,” it said.

Source: The Hindu September 05, 2016 17:37 UTC