G20: Trade disputes threaten global economic growth

Finance ministers of the World Bank's Emerging and Emerging Economies (G20) group agreed that trade disputes were a threat to global growth, but did not discuss the steps. How about trade and US-China trade dispute?

Speaking to reporters on April 20 after a meeting in Washington, DC, in the framework of the annual meeting of the International Monetary Fund (IMF) and the World Bank, the Argentine Finance Minister Nicolas Dujovne said: "We do not discuss any specific steps on trade. The G20 is not the place to discuss the problem. That is the World Trade Organization (WTO). "
This is a surprising absence for an organization that plays a key role in driving the global economy through the financial crisis of 2008 and preventing other risks. "We also need to recognize our limitations ... and try to find a consensus, even if the consensus is narrower than expected," Dujovne added. G20 ministers have expressed concern about the rise of "introverted" policies.
In addition, the meeting addressed a number of "hot" issues in the world, such as the faster than expected monetary tightening in the United States and Europe that could affect financial markets, leading to financial imbalances as well as geopolitical risks such as the conflict in Syria. Because there is no consensus about multilateralism as well as trade, G20 finance ministers and governors are unable to come up with a joint statement.
G20 includes Argentina, Australia, Brazil, United Kingdom, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, Korea, Turkey and the European Union (EU). Argentina holds the rotating presidency of the G20 in 2018.
Earlier, the International Monetary Fund also pointed to trade tensions as a major risk to global trade recovery. IMF chief Christine Lagarde said the dispute has undermined confidence and may affect investment. She called on governments to "move away from protectionism" and resolve disputes through dialogue rather than unilateral action. Investment and trade are the two main drivers of growth.