G7 calls for strengthening the multilateral trading system

At the trade meeting in Calabria, the ministers of the Group of Seven (G7) countries advocated the preservation and strengthening of a free, fair and rules-based multilateral trading system. 

The final statement highlights the importance of international trade as an incentive for economic growth, well-being and development. The G7 intends to step up efforts to maintain the openness and competitiveness of national economies, as well as to create conditions for free and fair trade and investment. 

To do this, the G7 plans to work with partners around the world, including Latin America, Africa and the Indo-Pacific region. Special attention was paid at the meeting to the reform of the World Trade Organization (WTO). 

The Italian Foreign Minister stressed that the WTO needs to modernize its rules in order to function effectively in a changing global economy. In his opinion, outdated rules of the organization hinder its ability to adapt to new realities. He also expressed his intention to reduce trade duties, except in cases where it is necessary to achieve mutual benefit.