WTO, IMF, World Bank urge G20 leaders to support trade
The leaders of the World Trade Organization, International Monetary Fund and World Bank urged the G20 to reinvigorate trade and support workers in a joint statement on Thursday.
WTO Director-General Roberto Azevêdo, IMF Managing Director Christine Lagarde and World Bank President Jim Yong Kim stressed that world leaders do not have to choose “between inclusiveness and economic growth.”
“The economic wellbeing of billions of people depends on trade. Deeper trade integration twinned with supportive domestic policies can help boost incomes and accelerate global growth. This calls for decisive actions by world leaders gathering for the G20 Summit this week,” the statement read.
Azevêdo, Lagarde and Kim stressed the need to reinvigorate trade by reducing barriers and curbing trade-distorting subsidies. They also said leaders must act now to support workers who have been negatively affected by trade and share gains from trade widely.
In an apparent swipe at U.S. President Donald Trump’s embrace of protectionist trade policies, Lagarde said in April that “we need an approach that encourages countries to support strong international cooperation.”
The statement comes as leaders from the European Union and Japan struck the world’s biggest trade agreement Thursday. EU leaders praised the agreement as a model of global integration.
The G20 summit kicks off on Friday in Hamburg.