G20 express concern over risks from intensified trade conflict
The G20 meeting of Finance Ministers and Central Bank governors has expressed concerns that trade and geopolitical tensions have intensified raising risks for improving global growth. The meet stopped short of calling for a resolution of a deepening U.S.-China trade conflict.
The meeting agreed to compile common rules to close loopholes used by global tech giants such as Facebook and Google to reduce their corporate taxes by 2020.
The meeting also pledged to increase debt transparency on the part of borrowers and creditors which is now at sharper focus due to the concerns that China s massive Belt and Road initiative was burdening the poor countries with debt they can t repay.
G20 is a premier international forum for economic cooperation and decision-making to collaborate on economic issues and other important development challenges. It is a forum of governments and central bank governors from 20 major economies.
G20 made its beginning in 1999 as the meeting of Finance Ministers and Central Bank Governors in the backdrop of the South-east Asian (Tiger economies) financial crisis. It came into existence for studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
G20 which was a forum for the meeting of Finance Ministers and Central bank governors transformed itself in 2008 and the first G20 Leaders Summit was held in Washington DC, US.
At present it comprises of total 19 countries plus the European Union (EU), representing 85% of global GDP, 80% of international trade, 65% of the world s population.
Its members include Australia, Argentina, Brazil, Canada, China, India, France, Germany, Indonesia, Italy, Japan, South Korea, Mexico, Saudi Arabia, Russia, Turkey, South Africa, UK, US and EU.
Topics: Australia , Belt and Road Initiative , Brazil , Canada , Central Bank governor , China , debt transparency , economic cooperation , EU , European Union , Finance Minister , Financial Crisis , France , G20 , Germany , Indonesia , Italy , Japan , Mexico , Russia , Saudi Arabia , South Africa , South Korea , Tiger economies , Turkey , U.S.-China trade conflict , UK , US