For the first time in the last four decades, trade grew less than the global economy, and trade ministers have agreed to pursue “deeper and wider reforms”, reports China-based news agency, Xinhua.
Speaking at the G20 Summit held in Istanbul earlier this week, the participating ministers said in a press statement: "Only through a comprehensive and international trade system can this trend be reversed and trade growth revived."
Chinese Minister of Commerce Gao Hucheng stressed that China could significantly contribute to global trade growth with its considerable trade volumes and valuable export and import figures.
Turkish Economy Minister Nihat Zeybekci also said that G20 countries needed to implement policies that reversed the slow pace of global trade growth.
"Our economies should be supported by real growth and job creation instead of fictional factors with inflated values, mostly based on consumption," said Zeybekci.
