Trade as discussed at G7 summit, Biarritz, France, 24-26/08/2019

For ESC, trade facilitation is one of the priority areas and a well-functioning rules-based trading system is a prerequisite for smooth functioning of the economy.
At G7 summit, leaders discussed the global economic outlook and issues related to trade tensions. They also talked about international taxation, especially on a coordinated approach to the issue of taxation in the digital sector.

Leaders exchanged views on how to safeguard the rules-based trading system and how to de-escalate current trade tensions . They also tasked the G7 finance ministers to closely monitor the state of the global economy.

The reform of the World Trade Organisation (WTO) was also on the agenda, following the commitment made at the G20 summit in Osaka to modernise the WTO.

“The G7 wishes to overhaul the WTO to improve effectiveness with regard to intellectual property protection, to settle disputes more swiftly and to eliminate unfair trade practices.”

The G7 committed to reaching in 2020 an agreement to simplify regulatory barriers and modernize international taxation within the framework of the OECD.
The information is provided by Dods.

 

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