G-20 Discusses Trade Tensions on First Day of Osaka Summit
Newsfrom JapanEconomy Politics
By Hiroki Kosuge
Osaka, June 28 (Jiji Press)--Group of 20 leaders discussed responses to tensions over trade on the first day of their two-day meeting in the western Japan city of Osaka on Friday, apparently keeping in mind the tit-for-tat trade battle between the United States and China.
Participants from some of the 20 advanced and emerging economies voiced concern over protectionism and the escalation of the U.S.-China tensions, according to Japanese government sources.
Sharing concerns over a possible downturn of the global economy, the G-20 leaders agreed to take all possible policy tools to prevent the adverse scenario from happening. They also agreed to support the overhaul of the functions of the World Trade Organization, including its dispute settlement mechanism.
Japanese Prime Minister Shinzo Abe, chair of the Osaka summit, said that any remarks made by the leaders were closely related to efforts for maintaining and strengthening the free, fair and indiscriminate trade system.
[Copyright The Jiji Press, Ltd.]