May 15, 2020
On the evening of May 14 (Thur.), 2020, Mr. Kajiyama Hiroshi, Minister of Economy, Trade and Industry, attended the Second G20 Trade and Investment Ministerial Meeting held via video conference as an extraordinary meeting. Participating ministers of the G20 member countries confirmed specific actions that each country will collaboratively tackle in addressing the novel coronavirus disease (COVID-19) and adopted a ministerial statement and an annex (“G20 Actions to Support World Trade and Investment in Response to COVID-19”).
This meeting was held in response to a call by Saudi Arabia, the 2020 G20 chair, for the purpose of holding discussions, in light of the results of the previous meeting on March 30, 2020, on approaches to curbing impacts of COVID-19 on the global economy, in particular, from the viewpoints of trade and investment policies, on specific actions that G20 member countries should collaboratively tackle for the short to long-term. The meeting was held via a video conference and Minister Kajiyama and Mr. Wakamiya Kenji, State Minister for Foreign Affairs, attended the meeting as representatives of Japan.
Participants in the meeting focused on the current situations of the global economy, still greatly suffering from the impacts of COVID-19, and, based on this, they held discussions on specific approaches that the G20 should take to strive to maintain economic activities. These approaches include promoting free trade and utilizing digital technologies. The importance of coordination of these actions was also confirmed.
In the ministerial statement, the ministers agreed on the following points.
- The ministers reaffirm their determination to cooperate and coordinate to mitigate the impact of the COVID-19 pandemic on trade and investment and to contribute to laying a solid foundation for global economic recovery based on a strong, sustainable, balanced, and inclusive growth.
- They endorse the “G20 Actions to Support World Trade and Investment in Response to COVID-19” prepared by the Trade and Investment Working Group. While the short-term responses are designed to alleviate the impact of COVID-19, the long-term actions support the necessary reform of the WTO and the multilateral trading system, build resilience in global supply chains, and strengthen international investment.
- They welcome the collective work carried out by international organizations to provide a consolidated in-depth analysis of the impact of COVID-19 on world trade, investment and global supply chains. They will continue working with these organizations, within their mandates, to facilitate investment and flows of essential goods and services.
- They will continue monitoring the situation closely, assessing the impact of the pandemic on trade, and convene again as necessary. They task the G20 Trade and Investment Work Group to continue paying the highest attention to these actions and to provide status updates on the implementation of the agreed actions.
- Ministerial Statement and Annex of the G20 Trade and Investment Ministerial Meeting on Actions against COVID-19 (PDF:131KB)
Divisions in Charge
- Multilateral Trade System Department, Trade Policy Bureau
- International Economic Affairs Division, Trade Policy Bureau