Divided G-20 Fails to Adopt Joint Statement Again

Economy Politics

Bali, Indonesia, July 16 (Jiji Press)--Finance ministers and central bank chiefs of the Group of 20 advanced and emerging economies failed to adopt a joint statement at their two-day meeting in Bali, Indonesia, that ended on Saturday, due to differences over Russia's aggression against Ukraine.

Japanese Finance Minister Shunichi Suzuki disclosed the failure at a press conference after the G-20 meeting.

Indonesia, this year's G-20 chair, summarized the discussions instead, stressing that most of what was discussed, except for parts about the war in Ukraine, drew support from participating countries.

Advanced economies including Japan and the United States denounced Russia, which continues to invade Ukraine, for triggering inflation and food crises around the world. Russia stood against such criticism and many emerging economies, including China, continued to distance themselves from sanctions by Western countries on Moscow, leaving the division within the G-20 unresolved.

As the G-20 financial chiefs again failed to issue a joint statement, which needs to be backed unanimously in principle, after failing to do so in their previous meeting in Washington in April, some pundits said the framework may have become dysfunctional.

[Copyright The Jiji Press, Ltd.]

Jiji Press