Seoul: South Korea said Friday it has adopted an action plan with other Group of 20 members that centers on maintaining the global supply chains and refraining from implementing new trade barriers as the new coronavirus pandemic continues to put great strains on business activities, said Yonhap.
South Korean Trade Minister Yoo Myung-hee discussed with her counterparts from the group of 20 advanced and emerging economies on late Thursday how to expand global cooperation in the face of the COVID-19 pandemic, according to the Ministry of Trade, Industry and Energy.
During the virtual meeting, the ministers adopted “the G20 Actions to Support World Trade and Investment in Response to COVID-19,” which suggested guidelines for the member states to minimize the socio-economic impacts of the virus.
The new coronavirus, which has infected at least 4.4 million around the world so far, disrupted trade and halted production around the globe, with a rising number of countries fully shutting their borders.
Under the action plan, the members vowed to “facilitate the resumption of essential cross-border travel, in accordance with national laws and regulations, while safeguarding public health in line with our efforts to combat the pandemic.”
Members also agreed to refrain from making unnecessary regulations on the trade of foodstuffs and medical supplies, while avoiding disruptions of global supply chains and unnecessary barriers by following the rules of the World Trade Organization, said Yonhap.
Source: Bahrain News Agency