Nearly all G20 countries reject revision of most-favored-nation treatment — Reshetnikov

Nearly all G20 countries reject revision of most-favored-nation treatment — Reshetnikov According to the Russian economic development minister, the United States, as this year’s G20 chair, put the issue of reforming MFN treatment on the meeting’s agendaMILWAUKEE /Wisconsin/, October 2. /TASS/. A US attempt to revise most-favored-nation (MFN) treatment in trade was rejected almost unanimously by the Group of Twenty (G20), Russian Economic Development Minister Maxim Reshetnikov told reporters following the G20 meeting in Milwaukee, Wisconsin. He stressed that no agreement had been reached on MFN treatment, "a fundamental principle of trade and a fundamental principle underpinning the World Trade Organization." "The proposal to revise this principle met with what was probably almost unanimous rejection from all countries. Everyone said no, this has always been a crucial element that countries have relied on, including when acceding [to the WTO], because it guarantees us free access to markets and guarantees non-discrimination," the economic development minister noted. According to Reshetnikov, the United States, as this year’s G20 chair, put the issue of reforming MFN treatment on the meeting’s agenda. The ministerial meeting in Milwaukee, which Reshetnikov attended, focused on international economic development and trade. It was held from September 30 to October 1. The United States holds the G20 presidency this year. The G20 events in the US will culminate in a summit to be held on December 14-15 near Miami, Florida. 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