G8 Leaders Commit to Open Trade, Enhanced Customs Cooperation
"Unnecessary differences and overly burdensome regulatory standards serve as significant barriers to trade," the G8 leaders said in their final statement after their meeting that ended May 20. As a result, the statement said, "we support efforts towards regulatory coherence and better alignment of standards to further promote trade and growth."
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The G8 leaders said they will "honor our commitment to refrain from protectionist measures, protect investments and pursue bilateral, plurilateral, and multilateral efforts, consistent with and supportive of the WTO framework, to reduce barriers to trade and investment and maintain open markets. We call on the broader international community to do likewise."
The statement specifically highlighted intellectual property rights, with the leaders saying they "affirm the significance of high standards for IPR protection and enforcement, including through international legal instruments and mutual assistance agreements, as well as through government procurement processes, private-sector voluntary codes of best practices, and enhanced customs cooperation, while promoting the free flow of information."