13th summit of the G20 industrial group ended with an agreement on urgent reform of the World Trade Organization (WTO).

America: G20 leaders on Saturday have signed off on an agreement which reaffirms a basic commitment by the world’s biggest economies to multilateral trade and a "rules-based international order", Iran Press News Agency reported.

Aiming to address the tensions and challenges in trade relations between countries, they also called for reforms in the World Trade Organization (WTO).

The statement emphasizes on the need to increase dialogue and action to strengthen trust and address the risks of financial losses.

The final text agreed on Saturday also included a strong message reaffirming the effort by world leaders to fight climate change – with the notable exception of Trump, whose withdrawal from the Paris climate change accord was noted in a subsequent paragraph.

Related News: UN secretary general calls for enactment of Paris climate agreement

“The United States reiterates its decision to withdraw from the Paris Agreement, and affirms its strong commitment to economic growth and energy access and security, utilizing all energy sources and technologies, while protecting the environment,” the final text stated.

Related News: Trump won't back down on Paris climate deal

The statement opened with a nod to growing income inequality.

“We welcome the strong global economic growth while recognizing it has been increasingly less synchronized between countries and some of the key risks, including financial vulnerabilities and geopolitical concerns, have partially materialized,” the leaders stated.

There had been fears that the final text could be vetoed by any of the leaders and there is concern that Donald Trump, who did not take part in a session on trade on Friday, could disown the agreement at the last moment.

The statement was issued after intensive negotiations by the leaders of the G20 and despite differences remaining between various countries.

The G20 is an international forum for the governments and central bank governors from Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, Britain and the United States.

The G20 summit was held on Friday and Saturday in Buenos Aires, capital of Argentina, while it was influenced by issues like US-China trade war, a flare-up between Russia and Ukraine in the Kerch Strait, world pressure on Crown Prince of Saudi Arabia due to continuing killing of Yemeni people and also brutal killing of Saudi journalist "Jamal Khashoggi". 204/207

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Dec 02, 2018 08:14 Asia/Tehran
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