For those who are looking at closing their borders to foreign trade, the recently concluded G20 summit is a nightmare. Recently, agriculture chiefs coming from G20 countries have come to an agreement that opening their borders for foreign trade is the right thing to do moving forward.
The ministers from these countries, in turn, pointed out that protectionism-which the US is currently embracing-is an ideal best forgotten. Reuters reports that, in line with forgetting protectionism, they are looking into creating steps to reform rules initially laid down by the World Trade Organization (WTO) regarding trade. They did not elaborate on how they intend to amend these rules.
The ministers included those from China and the United States, who are currently engaged in what is becoming a costly trade dispute. They, however, reaffirmed their commitment to the group that they wouldn't let their disputes bleed into the general commitment of the group. Both of them said they will abide by the rules which the WTO will lay down, and will honor existing agreements with member countries.
China isn't the only country that the US, through the Trump administration's policies, is in a trade dispute with. The current policies also affect trade coming from the European Union. According to DW, the dispute between the US and the EU is thawing, in contrast to that with China. That being said, Germany's Agriculture Minister Julia Klockner isn't sure that Washington will receive new trade imports just yet.
The G20 meeting was, however, a resounding success. Klockner highlighted the gains from the meeting, most particularly becoming in speaking terms with the US yet again. There were other gains to be had, but even the partial victory in getting over the trade dispute with the US is already a big gain.
Speaking of agriculture, the US cleared up how it planned to help farmers affected by the trade disputes. US Secretary of Agriculture Sonny Purdue explained that the recently laid-out bailout plan for US farmers was worth $7-8 billion. This, he hoped, would help the farmers, who have been among the hardest hit by the Trump administration's protectionist policies.
These policies seem to be at its end. During the meeting, a surprise deal between US president Donald Trump and EU president Jean-Claude Juncker was made, which would hopefully solve the current trade disputes.
