By He Weiwen

Due to the decline in the growth of emerging economies in recent years and poor performance of their internal structural reforms, as well as the deterioration of market environment in developed countries, purely relying on fiscal and monetary stimulus could not restore sustainable and rapid growth, and various measures and reforms taken by G20 members are difficult to ensure that the goal of 2% more growth to overall GDP could be achieved within five years.

We believe that massive infrastructure investment and trade facilitation worldwide are the key to restore robust growth. Thus we propose to establish “Trade 20 Action Plan”, presided over by the 2014 host country Australia, the specific tasks are as follows:

to assist WTO and track the progress and problems of G20 members in the implementation of this agreement, and have them announced on G20’s official website for mutual supervision and promotion; to track G20 members with regard to newly introduced trade remedy measures and help bilateral coordination through leaders consultation mechanism; to hold once a year trade facilitation forum participated in by government circles, industrial worlds and academic communities of G20 members; to track and research key areas, multilateral and bilateral FTA negotiations, especially TPP, TTIP, RCEP and FTAAP, seek all kinds of inclusive arrangements with differential treatment, working along with negotiations and mechanisms for the perfection of WTO multilateral FTA. And suggestions are made to WTO and the national governments in order to promote instead of fragmenting the development of WTO multilateral FTA.

The author is a Senior Researcher of Chongyang Institute for Financial Studies, Renmin University of China Former Economic and Commercial Counsellor of Consulate Generals in San Francisco and New York

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