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The policy proposals in this Policy Brief relate to two of the priorities of the German G20 presidency in the areas of trade and investment, namely (1) supporting the multilateral trading system, including benefits of trade and anti-protectionism and (2) investment facilitation. The third priority, digital trade, will be covered by another Policy Brief of the T20 Trade and Investment.
We recommend that the G20 Trade and Investment Working Group in its third meeting should discuss the policy proposals submitted by the T20 in this Policy Brief. In light of the current policy environment, priority should be given to the first proposal on the supporting the WTO. In the transition period between the Hamburg Summit and the handover of the G20 chairmanship to Argentina in December 2017, the German G20 presidency should continue its efforts to promote dialogue among G20 countries to facilitate open and inclusive trade and investment policies. This can be achieved by an informal meeting of the Trade and Investment Working Group or by a high-level workshop that involved G20 governments as well as trade experts from the G20 Engagement Groups.
In order to highlight the importance of an open and inclusive trade and investment system, we suggest that the G20 calls for a special conference of finance and trade ministers in order to promote debate and consensus building ahead of the G20 Leaders’ Summit in July 2017 in Hamburg. The conference should be structured so as to achieve not only concrete results in terms of policy improvement, but also to maximize the likelihood of political “wins’ by participants, both by those who are content with the status quo and want its essence preserved, and those who are looking for tangible changes.
The agenda of the conference would include: (i) national policies and international reforms designed to mitigate the temporary and disruptive effects of globalization and technology on employment and income inequality while ensuring that consumers continue to benefit; (ii) international coordination to reduce global imbalances; (iii) reducing non-tariff barriers to trade; and (iv) revitalizing trade reforms with regard to autonomous, bilateral, plurilateral and multilateral policies.