Europe

Europe

G20 summit concludes in Cannes, France

04 November 2011 19:47 (UTC +04:00)

â€œAs a contribution to a more effective, rules-based trading system, we support a strengthening of the WTO, which should play a more active role in improving transparency on trade relations and policies and enhancing the functioning of the dispute settlement mechanism,â€ the statement said.

The leaders of the worldâ€™s 20 largest economies also emphasized that â€œit is important to underscore the merits of the multilateral trading system as a way to avoid protectionism and not turn inward.â€

Russia is on the verge of ending its 18-year wait to join the WTO after accepting a trade deal with Georgia, which has refused to give Russia the go-ahead since the two countries fought a brief war in August 2008 when Georgia attacked South Ossetia to bring it back under Tbilisiâ€™s central control. After the war, Russia recognized the independence of South Ossetia and another ex-Georgian republic, Abkhazia.