T20 TF1 Strengthening multilateral trading system to support economic recovery and post pandemic era

This session is cureated by T20 Task Force 1 Lead Co-Chair Yose Rizal Damuri, Head of Department of Economics, CSIS Indonesia.

A well-functioning MTS is an anchor for the global economy and a necessary foundation for a robust recovery to achieve equitable, fair, balanced, and inclusive MTS for all. In addition, there is also a need to improve the current trade environment by providing access for MSMEs and supporting the poverty alleviation agenda, particularly for the poor and vulnerable. However, the MTS is under a lot of stress due to increasing tension from countries lacking trust among one another, manifesting in creeping protectionism both at and behind the border.

Moving forward with WTO reform is a key solution to the problems plaguing the multilateral trading system. It should also promote pro-growth and pro-development and by continuing to foster stable, predictable and equitable trading relations across the world. In addition, WTO shall resolve to strengthen the rules-based, non-discriminatory, open, fair, inclusive, equitable and transparent multilateral trading system that will bring meaningful benefits of trade to all people from different levels of economic development.

This session suggests a common framework that can give direction for a reform of the WTO. Serving as a guideline for how the G20 can support the reform process, it addresses possible mechanisms for how the reform can be carried out.