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G-20 Members Agree on Plan to Sustain Global Supply Chains
South Korea has adopted an action plan with other members of the Group of 20 to maintain the global supply chains and refraining from implementing new trade barriers.
During a virtual meeting attended by South Korean Trade Minister Yoo Myung-hee, the Group of 20 proposed guidelines on how to minimize the socio-economic impacts of the pandemic.
Under the action plan, members agreed to "facilitate the resumption of essential cross-border travel," which should be following national laws and regulations, while safeguarding public health.
The members also vowed to abstain from making unnecessary requirements on the trade of foodstuffs and medical supplies.
They also agreed to follow the rules of the World Trade Organization to avoid disrupting the global supply chain and imposing unnecessary barriers.
The plan also encouraged the utilization of "electronic documentation and processes" in streamlining customs procedures.
South Korea has been lobbying for the observance of less-stringent international travel regulations for essential business officials and to resume trade while continuing with the global efforts to tackle the coronavirus.
Earlier this month, the country agreed on allowing essential travel with Australia, New Zealand, Canada, and Singapore.
South Korea also renewed its call for Japan to lift trade regulations to enable cooperation in abating uncertainties and in overcoming the economic impact caused by the pandemic.
Exports by South Korea plummeted 46.3 percent in the first 10 days of May from the same period last year.