Chinese Commerce Minister Gao Hucheng says participants at the meeting agreed that the global economic recovery remains sluggish, trade growth is lingering at a low level, and investment flow has yet to recover to pre-crisis levels.
He says G20 countries at the meeting agreed to lead the way in tackling problems facing the world economy and reviving engines for global growth.
Gao says the ministers have pledged closer cooperation under a new trade framework.
"All members have agreed to set up a cooperation framework with seven core pillars - cut trade costs, increase policy coordination in trade investment, boost service trade, enhance trade financing, establish a trade outlook indicator, push forward development of E-commerce, and pay attention to trade and cooperation."
The G20 nations account for 85 percent of global trade and 70 percent of global investment.
At the meeting, the officials approved a plan to spur trade growth, and a set of non-binding principles to facilitate cross-border investment ahead of the September G20 summit in Hangzhou.
In an effort to cut trade costs, the ministers agreed to promote the implementation of the WTO Trade Facilitation Agreement, which has the potential to reduce global trade costs by up to 15 percent.
At the same time, they pledged to provide developing countries with technical assistance to meet this objective.
They also vowed to build more inclusive and coordinated global value chains and encourage greater participation by business in developing counties.
When it comes to the growing level of protectionism since the financial crisis, Gao Hucheng says the countries vowed to commit to their existing pledge halt and even roll-back protectionist measures.
"Following ten rounds of negotiations, the G20 members have reached consensus on nine core principles for global investment policy making. First we should clearly oppose protectionism with regards to global investment. We should also create an open, transparent and predictable investment policy environment."
The ministers said they are considering setting up a cooperative platform for dialogue and information sharing on global capacity developments and on policies and support measures taken by governments.
For CRI, this is Niu Honglin.
