The G20 calls to resolve trade tensions
After the ministerial meeting in Bali, the Argentine G20 presidency underscored the progress made so far.
The Fourth G20 Meeting of Finance Ministers and Central Bank Governors ended today in Bali, Indonesia, with a press conference chaired by representatives from the Argentine G20 presidency. After two days of working sessions, Nicolás Dujovne, Argentine Minister of the Treasury, spoke about the main topics of discussion and underscored the progress made so far in different areas.
“We have discussed the outlook of the global economy, which remains positive, while global growth projections remain steady,” Dujovne said. Accompanied by Verónica Rappoport, Second Vice-president of the Argentine Central Bank, he added: “However, the expansion has become less even across economies, and some of the downside risks that were discussed earlier in the year are starting to materialize.”
According to Dujovne, “as monetary policy continues to normalize in advanced economies, financial conditions tighten in emerging ones, and several emerging economies have experienced market volatility.”
With respect to trade tensions, he said: “We agreed that international trade is an important engine of growth, and we need to resolve tensions which can negatively affect market sentiment and increase financial volatility.”
Cooperation among G20 members is key to sustain global financial stability, he said.
Dujovne also spoke about the discussions on infrastructure for development, one of the priorities defined by the Argentine G20 presidency, “given its importance for economic prosperity, sustainable development and inclusive growth.” Then he added: “We have focused on how to catalyze private sector investment in infrastructure by putting in place the necessary conditions to develop infrastructure as an asset class.”
During the meeting, which was held on the margins of the International Monetary Fund (IMF) and the World Bank annual meetings, over 50 heads of delegation held sessions on international financial architecture; the Compact with Africa initiative, launched under the 2017 G20 to promote private investment in the African continent; and the agenda on financial inclusion, among other topics.
Among the participants of the Fourth Meeting of Finance Ministers and Central Bank Governors were Christine Lagarde, Managing Director of the IMF; Jim Yong Kim, President of the World Bank; Mario Draghi, President of the European Central Bank; Steven Mnuchin, United States Secretary of the Treasury; Philip Hammond, UK’s Chancellor of the Exchequer; and Taro Aso, Finance Minister of Japan.
Towards the G20 Leaders’ Summit
The conclusions of the meeting in Bali are another step towards the G20 Leaders’ Summit that will be held on 30 November and 1 December in Buenos Aires.
On 29 November, hours before the Summit, Finance ministers will meet a fifth and last time to wrap up their work during the G20 2018.