(VOVworld) - Trade ministers from the world's major economies have agreed to cut trade costs, increase policy coordination, and enhance financing.

Delegates at the G20 trade ministers’ conference in Shanghai. (Photo: EPA/VNA)

The Group of 20 trade ministers wrapped up a two-day meeting in Shanghai on Sunday amid a slowing global economy and rising calls for protectionism.

In a joint statement they said the global recovery continues but remains uneven and falls short of the goal of strong, sustainable, and balanced growth. Downside risks and vulnerabilities persist.

The ministers underscored the need to maintain trade as an important driver of global growth and agreed to improve global trade governance towards trade liberalization and facilitation. They also vowed to cut global trade costs by 15 percent, without giving a due date.