Press Releases

G20 Trade and Investment Ministerial Meeting

October 25, 2024
Japanese
(Photo) G20 Trade and Investment Ministerial Meeting (Photo: Government of Brazil)
Mr. KATAHIRA Satoshi, Assistant Minister of the Economic Affairs Bureau of the Ministry of Foreign Affairs, attends the meeting (Photo: Government of Brazil)

On October 24, G20 Trade and Investment Ministerial Meeting was held in Brasilia, Brazil. Mr. KATAHIRA Satoshi, Assistant Minister of the Economic Affairs Bureau of the Ministry of Foreign Affairs (MOFA), and Mr. MATSUO Takehiko, Vice-Minister for International Affairs of the Ministry of Economy, Trade and Industry (METI) attended the meeting.

  1. An active exchange of views was held at the meeting under the four themes set by Brazil, the G20 Presidency: (1) WTO Reform and Strengthening of Multilateral Trade System, (2) Women in International Trade, (3) Trade and Sustainable Development, and (4) Sustainable Development in Investment Agreements. The outcome of this meeting (attached) will be submitted to the G20 Leaders as a contribution to the “Rio Declaration” to be adopted at the G20 Summit in November. In addition, Japan and a number of other countries strongly condemned Russia’s invasion of Ukraine and expressed serious concern about its impact on the global economy.
  2. An overview of Japan’s statements made at the meeting are as follows.
    1. With regard to the reform of the WTO’s dispute settlement system, it is necessary to accelerate efforts to achieve it by the end of 2024, based on the Ministerial Decision at the 13th WTO Ministerial Conference (MC13).
    2. From the perspective of ensuring level playing field, it is important to increase transparency of industrial policies such as subsidies and to minimize their trade distorting effects. We would like to deepen the discussion on whether the current WTO rules are functioning properly by utilizing the dialogues on trade and industrial policy at the WTO.
    3. The Joint Statement Initiatives (JSI), a new rule-making approach at the WTO by voluntary Members, are important and we should provide political momentum for the incorporation of the Investment Facilitation for Development Agreement and the results of e-commerce negotiations into the WTO legal framework.
    4. The early entry into force of the WTO's Fisheries Subsidies Agreement is important from the perspective of the sustainability of fisheries resources. We would like to request WTO Members who have not yet accepted the Agreement to do so swiftly. With regards to its second stage negotiations, Japan will continue to negotiate tenaciously.
    5. Regarding women in international trade, promoting the active participation of women in business is important. In addition to efforts including support for women entrepreneurs in Japan, Japan has been supporting women's employment and entrepreneurship around the world through the International Trade Center (ITC), and will continue these efforts.
    6. As measures to combat climate change are strengthened globally, it is important to consider international guidance to ensure that trade-related climate measures (TrCMs) are not excessively trade restrictive. At the WTO, Japan presented a proposal on methodologies for measuring embedded emissions, and would like to aim for a meaningful outcome in cooperation with other countries.
    7. Regarding sustainable development in investment agreements, a wide range of cross-border investment by the private sector is necessary, and the role of investment-related agreements that adequately protect and liberalize such private investment continues to be important.
(Reference1) G20 Members, Invited Countries and International Organizations
  • G20 members: Japan, Brazil (Presidency), Argentina, Australia, India, Indonesia, Canada, China, France, Germany, Italy, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, EU, AU (African Union)
  • Invited countries: Chile, Egypt, Netherlands, New Zealand, Norway, Peru, Portugal, Singapore, Switzerland, Spain, United Arab Emirates, Uruguay
  • International organizations: World Trade Organization (WTO), The World Bank, Organization for Economic Cooperation and Development (OECD), International Trade Centre (ITC), United Nations Conference on Trade and Development (UNCTAD), Development Bank of Latin America and the Caribbean (CAF), Food and Agriculture Organization of the United Nations (FAO), Inter-American Development Bank (IDB), International Labour Organization (ILO)
(Reference2) Outcome Documents
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