G20 summit rallies for cooperation in trade among nations

 

Nicolás Dujovne, Argentine Minister of Finance and Verónica Rappoport, Second Vice-president of the Argentine Central Bank. [Photo: Courtesy]

Fourth G20 Summit that saw over 55 heads of delegation attend came to close on Friday after a two-day meeting on the sidelines of IMF and the World Bank annual meetings with Argentine Minister of Treasury Nicolás Dujovne underscoring the progress made by member states.

“We have discussed the outlook of the global economy, which remains positive, while global growth projections remain steady. However, the expansion has become less even across economies, and some of the downside risks that were discussed earlier in the year are starting to materialize,” Dujovne held.

Dujovne said that monetary policy was normalizing in advanced economies while emerging ones were experiencing rigid financial conditions while other markets were experiencing market instabilities.

The representatives from the G20 agreed to cooperate so as to sustain global financial stability. He said, “We agreed that international trade is an important engine of growth, and we need to resolve tensions which can negatively affect market sentiment and increase financial volatility.” 

20 finance ministers, 17 central bank governors and 10 heads of international organizations attended the occasion in Bali, Indonesia which was chaired by Nicolás Dujovne, Argentine Minister of Finance and Verónica Rappoport, Second Vice-president of the Argentine Central Bank.

Also in attendance was Central Bank of Kenya governor Patrick Njoroge.

Central Bank of Kenya governor Patrick Njoroge in the G20 summit . [Photo: Courtesy]

 

IMF managing director Christine Lagarde and Jim Yong Kim, President of the World Bank Group also attended the conference where discussions on threats to global economy, trade tensions and financial susceptibilities took place.

 

Before the close on Friday, discussions around developing infrastructure as an asset class took place to promote private investment in the African continent with another meeting expected to take place in November 30, 2018 and December 1, in Buenos Aires.

Other participants include Mario Draghi (President of the European Central Bank), Steven Mnuchin (United States Secretary of the Treasury), Philip Hammond (UK’s Chancellor of the Exchequer) and Taro Aso (Finance Minister of Japan).

Finance ministers are expected to meet on November 29, day before the meeting to wind up their work during the G20 2018 summit.