Dealing constructively with subsidies in global commerce is central to G20 leaders’ goal of reforming and strengthening the multilateral trading system. The growing use of distortive subsidies alters trade and investment flows, detracts from the value of tariff bindings and other market access commitments, and undercuts public support for open trade. Sharp differences over subsidies are contributing to global trade tensions that are harming growth and living standards.  This report seeks to highlight the potential benefits of closer cooperation and considers some areas where this might be pursued constructively by governments or other international organizations. This report aims to begin a discussion within the international community on how to develop and implement such an agenda.