A joint declaration has been signed by all G20 nations that supports the “necessary reform” of the World Trade Organization (WTO) and recognises the current multilateral trading system is “falling short” of its objectives.

The declaration, which was signed on Saturday (1 December) at the G20 Summit in Buenos Aires, Argentina, was welcomed by WTO director-general Roberto Azevêdo who said he would work with all WTO members to improve and strengthen the trading system.

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“This has been a very productive G20 summit,” he said in a closing statement. “I have heard firm support for trade and the WTO throughout my meetings with leaders in Buenos Aires and heard a range of ideas about strengthening our work. This is reflected in the leaders’ declaration, which I strongly welcome. The declaration represents a very important moment in tackling the current challenges in global trade. With this statement, the leaders underline the vital importance of trade and of the multilateral trading system in supporting growth, productivity, innovation, job creation and development. 

“They call for improvements and “necessary reforms” to the functioning of the WTO to ensure that it can continue playing this essential role. I will work with WTO members to take this forward in the interests of all.”

The declaration states international trade and investment are important engines of growth, productivity, innovation, job creation, and development.

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It adds: “We recognise the contribution that the multilateral trading system has made to that end. The system is currently falling short of its objectives and there is room for improvement. We therefore support the necessary reform of the WTO to improve its functioning. We will review progress at our next Summit.”

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Meanwhile, Azevêdo called on the leaders to act urgently to address the blockage in the WTO dispute settlement system.