G20 Meeting: Finance ministers, central bankers agree on strengthening contribution of trade

World
Europe

The G20 finance ministers and central bankers' meeting concluded in the Argentine Capital Buenos Aires. They discussed trade protectionism as a threat to the global economic recovery.

The officials said in an official communique that they recognize the need for more dialogue and action and agreed to strengthen contributions of trade in economic growth. The former Chinese central bank governor -- Zhou Xiaochuan -- also reaffirmed China's stance against protectionism during the meeting.

ZHOU XIAOCHUAN FORMER PBOC GOVERNOR "We have said explicitly that we support multilateralism instead of bilateralism. We also said we are against trade protectionism and will continue to support a global free trade framework."

Most participants including those from the European Union shared China's stance.

ROMAN ESCOLANO SPANISH FINANCE MINISTER "Most attendees believe protectionism is a huge historic mistake. The international community should be confident about the multilateralism built over years. Trade disputes should be resolved in the multilaterism framework within the WTO."

The high-profile American move to impose stiff tariffs on steel and aluminum triggered worries over a global trade war. However, US Treasury Secretary Steven Mnuchin denied any protectionism.

The meeting failed to reach any concrete consensus over the issue despite participants' alert to the rising protectionism but it did produce a soft declaration calling for more dialogue and action.