G20 Ministers' Meeting in Brasilia

BRASILIA (Reuters) – Ministers from the G20, the group of the largest economies, agreed this Thursday that international trade and investment should promote sustainable development and enhance women's participation in global trade.

They also agreed on the necessity to expedite reforms of the World Trade Organization (WTO) for a "faster, more agile and effective" conflict resolution system, as stated by Brazil's Vice President and Trade Minister, Geraldo Alckmin.

The proposals from the G20 trade ministers in Brasilia will be presented to the leaders during the annual summit hosted by Brazil in November in Rio de Janeiro, included in their joint statement.

This marks the first instance where the G20 has focused on the inclusion of women in international trade, emphasized by Brazilian President Luiz Inacio Lula da Silva.

Additionally, with Brazil hosting the COP30 climate talks next year, the meeting prioritized addressing climate change, proposing the G20 advocate for trade and investment that supports environmentally sustainable economic growth.

Lula has prioritized reform of global governance institutions, with ministers agreeing to endorse WTO reform and strengthen a multilateral trading system, according to a Brazilian government statement.

The statement highlighted the significance of a rules-based, non-discriminatory, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system centered around the WTO. They committed to ensuring fair competition and a conducive trade and investment environment for all.

During the one-day meeting, divisive topics were largely avoided; however, members shared perspectives on Russia, Ukraine, and the situation in Gaza, with differing opinions on whether to address them within the G20 framework.

"There were disagreements in drafting the texts and some points were dropped, but consensus was ultimately reached on all matters, including the proposal for women's involvement in international trade," noted an Asian diplomat present at the meeting.