Heightened trade & geopolitical tensions threaten economic expansion: G20 FMs

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Group of 20 Finance Ministers and central bank Governors have warned that heightened trade and geopolitical tensions threaten the economic expansion.

The statement, issued at the end of their two-day meeting in the Argentine capital, Buenos Aires on Sunday, said the growth has been less synchronised in some advanced economies, and downside risks over the short and medium term have increased.

The final communique stressed the need to step up dialogue and actions to mitigate risks and enhance confidence amidst fears of an escalating global trade war.

The statement recognises the need for the G20 to increase dialogue and take action to mitigate risks.

It also reaffirms the commitment made at the March G20 meeting that the members should avoid competitive currency devaluation.

The main focus of the meeting was trade friction between the United States and countries including China.

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