G20 must tackle root causes of trade tensions, says EU

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G20 must tackle root causes of trade tensions, says EU

The European Union had been set to tell in a meeting of finance leaders from G20 nations next week that they had to tackle the fundamental causes behind global trade tensions, as trade worries had been evaporating global growths at a radical rate, an EU document seen by a press agency revealed on Saturday, the sixth of April 2019.

Central bank governors and Finance ministers of the world’s 20 biggest economies are set to meet in a two-day meeting in Washington, scheduled to be taken place between April 11th and 12th, to discuss the key challenges of global economy.

A joint position paper signed by EU finance ministers revealed on Saturday (April 6th) said, “Current trade tensions put the ongoing expansion at risk and are therefore a source of concern”. Besides, the latest G20 gathering, a group of 20 major economies of the world, are expected to discuss about Brexit, Sino-US trade tension, US tariff on European autos and WTO reform, as the International Monetary Fund had been quoted saying in its April World Economic Outlook this week that an escalation of the nine-month long Sino-US trade war could slash US growth by 0.6 percent and China’s by 1.5 percent, crucially contributing to a havoc-scale global economic slowdown.

The Joint EU statement seen by a press agency on Saturday (April 6th) said, “The international community has to tackle the root causes of the ongoing trade tensions by ensuring a level playing field for open and free trade in goods and services, investment and intellectual property rights”.