Global experts pin hope on G20 summit to solve trade disputes

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02:21

Nowadays, more and more global think tanks are trying to offer their solutions to the ongoing trade frictions between China and the US. A group of economic experts has gathered in Shanghai to discuss how the upcoming 2018 G20 summit this November could help solve the tensions.

In just two months, the G20 summit will go to Buenos Aires, Argentina. It will be the first time that a G20 meeting is held in South America.

A group photo of officials and experts from G20 countries attending the T20 Shanghai forum on September 29 in Shanghai, China. /CGTN Photo

But over in China's financial capital, Shanghai University and Argentina's International Relations University are collaborating to host this special T20 forum.

The Think 20, or T20, is a network of research institutes and think tanks from G20 countries.

Addressing the forum, the Argentinian ambassador to China, also a two-time ambassador to the US, remains optimistic about the current trade disputes between the world's two largest economies.

"The US and China are more partners than enemies. They are interested finally in reaching an agreement. As the meeting will be held after the mid-term election in the US, this confrontation atmosphere, which is closely related to the election, is going to be finished," said Diego Ramiro Guelar, the Argentinan Ambassador to China.

US President Donald Trump once again reiterated his "America First" policies and urged the world to reject globalism in his annual address to the United Nations General Assembly. While some experts are questioning whether this will affect the G20 mechanism, Ambassador Guelar says his nation is well prepared.

"It is not just the summit... From January up to that meeting, you have hundreds of meetings in different working commissions... regarding the G20 summit... Argentina is doing an extraordinary job," Guelar added.

So, what kind of solutions remain to de-escalate China-US trade tensions? Global scholars are having their say here during the two-day forum.

"The concerned parties should sit down and have a cup of coffee and discuss solutions... If they can find a joint solution and make some compromises, they will be a win-win... otherwise, it will be lose-lose," said Jiang Shixue, vice president of Association of Emerging Economics Studies in China.

"I think it's important that President Xi and President Trump have an opportunity to negotiate face to face. But I don't believe President Trump's view is being shaped by the election or narrow calculations in politics. I think that's his view on trade and that's why he is pursuing them," said Benjamin Gedan, a fellow of Wilson Center in the US.

The Think 20 (T20) forum addresses the current China-US trade tension on September 29 in Shanghai, China. /CGTN Photo

"A real win is a resurgence or reinvigoration of the WTO. Through WTO negotiations, we see the calming of tension in the international community," said Gregory Mills, director of Brenthurst Foundation.

September 29, 2018 marks the 5th anniversary of the founding of the Shanghai Pilot Free Trade Zone. The area is just one example of China's transformation over the past 40 years of reform and opening-up. Experts predict that the G20 summit in Argentina this November will be a prime time for China, the United States, and other leading economies, to negotiate current trade disputes.

Source(s): Reuters