Building capacity to help Africa trade better

G20 acknowledges trade as a key engine of economic growth


G20 acknowledges trade as a key engine of economic growth

G20 acknowledges trade as a key engine of economic growth
Photo Credit: G20

The communiqué issued at the close of the Third G20 Meeting of Finance Ministers and Central Bank Governors in Buenos Aires this weekend shows support from the world's main economies to international trade and investment as “important engines of growth, productivity, innovation, job creation and development.”

The document, agreed by all G20 member countries, reads that “global economic growth remains robust and unemployment is at a decade low.” However, it acknowledges “downside risks over the short and medium term.” These include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances and inequality. It also points to the fact that “although many emerging market economies are now better prepared to adjust to changing external conditions, they still face challenges including market volatility and reversal of capital flows.”

The 57 delegates, including ministers, central bank governors and senior representatives from international organizations, agreed therefore to continue “using all policy tools to support strong, sustainable, balanced and inclusive growth.” Among these tools, the communiqué mentions fiscal measures and monetary policy, the continued implementation of structural reforms, and international trade and investment. Member countries “are working to strengthen the contribution of trade to our economies,” the document adds.

The communiqué also covers progress made on the Argentine G20 presidency priorities this year. On the future of work, senior officials endorsed a set of public policies designed to maximize the benefits and overcome the challenges posed by technological transitions.” The document also provides 68 examples of related policies carried out by G20 member countries.

As regards infrastructure for development, participants approved a set of pre-investment guidelines for attractive projects for private investors with a focus on efficiency and feasibility. They will also address issues such as data, risk mitigation and capital markets.

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