G20 Summit: World leaders vow to fight protectionism, corruption and unfair trade practices

The G20 leaders on Saturday vowed to fight protectionism, including all unfair trade practices, and promote greater inclusiveness in global economic growth.

While the current growth prospects are encouraging, the pace of growth is “still weaker than desirable,” the G20 nations, including India, said in their communique after their two-day Summit in Hamburg.

Emphasising the importance of transparency for predictable and mutually beneficial trade relations, the leaders said they would strive to ensure a level playing field.

The communique said the nations would “continue to fight protectionism, including all unfair trade practices and recognise the role of legitimate trade defence instruments in this regard”.

“We underline the crucial role of the rules-based international trading system,” the communique said, adding that the benefits of international trade and investment have not been shared widely enough.

The assertion also comes against the backdrop of rising concerns over alleged protectionist measures in some countries, including plans to restrict entry of skilled overseas workers.

International investment can play an important role in promoting inclusive economic growth, job creation and sustainable development, and requires an open, transparent and conducive global policy environment, it noted.

According to the G20 nations, monetary policy would continue to support economic activity and ensure price stability, consistent with central banks’ mandates.

“Fiscal policy will be used flexibly and be growth-friendly while ensuring debt as a share of GDP is on a sustainable path,” the communique said.

Further, the G20 leaders said they would promote greater inclusiveness, fairness and equality in pursuit of economic growth and job creation.

Acknowledging that a resilient financial system is crucial for sustainable growth, the communique said the nations are committed to the finalisation and timely implementation of the agreed “G20 financial sector reform agenda”.