Finance ministers and central bankers from the world’s 20 top economies have pledged to take action against “intensifying” global trade and geopolitical tensions, according to a joint communique released on Sunday.
The G20 made this known after a two-daymeeting in the Japanese city of Fukuoka.
The statement said global growth appears to be stabilizing but remains low, especially with increasing trade and geopolitical conflicts. It notes that global imbalances have narrowed but remain large and persistent.
“The [global economic] recovery is supported by the continuation of accommodative financial conditions, stimulus measures taking effect in some countries, and one-off factors dissipating,” the Group of 20 statement said. “However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified.
“We will continue to address these risks, and stand ready to take further action.”
The participating finance ministers and bankers also vowed to cooperate for a fair international tax system. They agreed to compile common rules to close loopholes used by global tech-giants to reduce their corporate taxes.
