Reshetnikov highlights G20’s important role in modern global trade system

Reshetnikov highlights G20’s important role in modern global trade system The minister emphasized that the G20 did not seek to make decisions on behalf of the entire international communityMOSCOW, September 30. /TASS/. The G20 plays a unique role in the multilateral trading system by developing ideas and shaping the framework for future multilateral agreements, including those to be considered by forums such as the WTO. This is particularly important at a time when the international community faces an erosion of mutual trust, Russian Economic Development Minister Maxim Reshetnikov wrote in his column "G20 Trade Crossroads: Where Countries Meet or Part Ways?" for US magazine Newsweek. "The G20 plays an important and unique role in the reform of the multilateral trading system. This forum brings together the world's largest economies, both developed and emerging. Together, they represent more than two-thirds of the world's population, 85% of global GDP, and 75% of global trade," he wrote. He added that the G20 does not seek to make decisions on behalf of the entire international community. "Rather, it generates ideas, helps shape the direction of discussions, and defines the contours of future multilateral agreements, which can then be presented to decision-making bodies, including the WTO. These ideas and proposals are discussed in an open and informal dialogue. This is particularly important at a time when the erosion of mutual trust has become one of the key challenges facing the international community," Reshetnikov stressed. 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