G20 Trade Ministers Reach Consensus on WTO Reform – Argentine Envoy

BEIJING (Sputnik) – During the recent meeting in Argentina, ministers of trade and commerce of all the G20 states reached a full consensus on the need to reform the World Trade Organization (WTO), Argentine Ambassador to China Diego Ramiro Guelar said on Saturday.

“I have just received a letter from the Argentine Foreign Ministry, which noted that during the yesterday meeting ministers of trade of the G20 states for the first time managed to reach a full consensus between all the parties on the need to reform the World Trade Organization,” the ambassador said, speaking at an international forum on industrial cooperation.

He pointed out that the trade ministers’ meeting was one of the most important events as part of preparations for the G20 leaders’ summit, which will take place in late November in the Argentine capital of Buenos Aires.

The calls for the WTO reform have intensified amid recent trade tensions, which include among others US shift to the policy of protectionism. US President Donald Trump said in an interview with Bloomberg News he would exit the World Trade Organization if it continues to treat the United States 'unfairly'.

READ MORE: Trump Says Tariffs 'Ready to Go' on $267 Billion Worth of Chinese Imports

The White House introduced a series of tariffs on foreign imports since March, prompting a backlash from many of Washington's trade partners. The European Union and China have imposed retaliatory tariffs on US goods in response to Trump's duties on steel and aluminum.

Managing Director of the International Monetary Fund Christine Lagarde warned last week that escalating trade conflicts pose the most serious risk to the global economy.

In July, Russian Direct Investment Fund (RDIF) CEO Kirill Dmitriev said that the US hardline tariff policy could slow the growth of the global economy by 0.4-0.5 percent in the next two years.