The World Trade Organization should play more active role in the global trade policy, said a communiqué issued on Friday following the completion of G20 forum in Cannes.
“As a contribution to a more effective, rules-based trading system, we support a strengthening of the WTO, which should play a more active role in improving transparency on trade relations and policies and enhancing the functioning of the dispute settlement mechanism,” the statement said.
The leaders of the world’s 20 largest economies also emphasized that “it is important to underscore the merits of the multilateral trading system as a way to avoid protectionism and not turn inward.”
Russia is on the verge of ending its 18-year wait to join the WTO after accepting a trade deal with Georgia, which has refused to give Russia the go-ahead since the two countries fought a brief war in August 2008 when Georgia attacked South Ossetia to bring it back under Tbilisi’s central control. After the war, Russia recognized the independence of South Ossetia and another ex-Georgian republic, Abkhazia.