Chancellor Angela Merkel has declared herself satisfied with the outcome of the G20 summit. In the field of trade, she reported at the close of the summit in Hamburg, agreement was reached that markets must be kept open. The major industrialized states and emerging economies also agreed to fight protectionism and unfair trade restrictions.
At the start of her final press conference, Chancellor Merkel explained what her job had been during the summit. She had clearly voiced German and European interests and, in her capacity as host, had pressed all sides to embrace compromise.
"That was the spirit in which we worked here. And that is reflected in the Leaders’ Declaration." In this context Merkel again pointed to the motto of Germany’s G20 Presidency, "Shaping an interconnected world."
Keeping markets open around the world
During the global economic and financial crisis some ten years ago, the G20 demonstrated its strength, when it played a crucially important part in stabilising national economies and financial markets. "What was true back then is still true today: we can achieve more if we act together than we could alone," reaffirmed the Chancellor. "Markets must be kept open," she continued.
International trade based on clear rules
Merkel reported that there had been extremely intensive discussions on trade, but summit participants agreed to fight protectionism and unfair trade practices. The rules-based international trading system, as embodied by the World Trade Organization (WTO), plays a vital role in this. Bilateral agreements too must always be WTO-compliant, warned the Chancellor.
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