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TRADE AND INVESTMENT WG
Transition to sustainable economies requires support from wealthy countries, says the vice president and Brazilian minister Geraldo Alckmin
At the opening of the Ministerial meeting of the Trade and Investment Working Group, Alckmin highlighted the urgency of strengthening international cooperation to promote a fair, more inclusive and sustainable global trade, reinforcing the need for technical and financial support from advanced economies to address climate and social challenges, the inclusion of women and a comprehensive reform of the World Trade Organization (WTO).
During the opening of the ministerial meeting of the G20 Trade and Investment WG on Thursday (24), the Vice President of Brasil and Minister of Development, Industry, Trade and Services (MDIC), Geraldo Alckmin, advocated greater international cooperation for a just, balanced, inclusive and sustainable economic development.
He called on developed countries to support other nations in this task. “It is essential that more advanced economies collaborate with technical and financial support so that developing countries can keep up with the transitions that current times require, especially for social inclusion and coping with the climate emergency,” he said. “International cooperation is the key to ensuring that no country is left behind.”
In his speech to ministers of the other G20 countries, which together account for 80% of the world's GDP, Alckmin recalled that sustainable development with social inclusion, in addition to global governance reform mechanisms, are the axes that guide Brasil's presidency of the group, defined by the government of President Luiz Inácio Lula da Silva.
“Promoting sustainable development is not only a priority, but a collective responsibility that transcends borders and generations,” he said. He stressed that the G20 has a strategic role to play in this regard. “Only balanced and inclusive economic growth can act as a driving force for transformation, helping to reduce inequalities and promote prosperity in all regions of the world.”
“Promoting sustainable development is not only a priority, but a collective responsibility that transcends borders and generations,” he said. He stressed that the G20 has a strategic role to play in this regard. “Only balanced and inclusive economic growth can act as a driving force for transformation, helping to reduce inequalities and promote prosperity in all regions of the world.”
Among the priority measures for trade and investment to serve as “driving forces” for sustainable economic growth, Alckmin highlighted the calculation of the carbon footprint and the elimination of unilateral barriers.
Concern about the adoption of restrictive environmental measures by some countries is at the center of the discussions in this WG. “At a time when we are facing increasingly complex and interconnected challenges, trade and investment remain key pillars for development,” he added.
In his speech, the vice president also highlighted the need to adopt increasingly effective measures to include historically underrepresented segments in global trade, such as women.
“In Brasil, President Lula defined as a priority the adoption of measures that encourage female participation in exports, providing training, mentoring and access to international business networks,” he said.
“Strengthening policies that encourage this participation is essential for us to expand economic opportunities and create a more inclusive and diverse business environment.”
Finally, Alckmin recalled that the proposals defended by Brasil also include the reform of the World Trade Organization (WTO). “We support a multilateral trading system capable of contributing to a more just, inclusive and effective global trade,” he said.
Click here to read the full speech.
Multilateralism
Following the vice president's speech, the acting Minister of Foreign Affairs, Maria Laura da Rocha, emphasized the growing responsibilities of developing countries in finding solutions to today's challenges.
“Throughout the year, our teams worked hard and collaboratively to build an environment favorable not only to fair trade and attracting quality investments, but also to inclusive and sustainable growth in line with the 2030 Agenda,” she said.
According to her, the topics under discussion by the group highlight the importance of international cooperation and multilateralism, in an intricate scenario for international trade and investment.
“If we intend to respond to global challenges, such as geopolitical tensions, trade fragmentation, protectionism, and increasing poverty and inequalities, and if we intend these responses to have truly global reach, multilateralism needs to be strengthened,” she said.
Maria Laura also praised the dialogue with society and its participation in the group's activities, mainly through B20 and W20.
“Speaking for Brasil, we believe that the only effective way to build a promising future for the planet we share is by ensuring the participation of all, especially the most vulnerable, on an equitable basis,” she concluded.
Consensus package
The ministerial meeting held on Thursday (24) marks the end of a six-month journey in which the countries' technical teams focused on four themes defined as priorities by Brasil in this WG: trade and sustainable development; women and international trade; sustainable development in investment agreements; and WTO reform.
Coordinated by the Ministry of Development, Industry, Trade and Services (MDIC) and the Ministry of Foreign Affairs (MRE), the WG seeks to build a package of consensus around these themes. The conclusion of the work is now being discussed by the ministers, who must present four documents to be attached to the leaders' declaration at the G20 Summit, which takes place in November in Rio de Janeiro.
Information from the Communication Office of the Ministry of Development, Industry, Trade and Services (MDIC)