Warning against protectionism, ministers of G20 nations today called for redoubling efforts to promote inclusive growth as part of free trade. “If you want to get more inclusive growth, you need more free trade,” Germany’s Minister of Finance Wolfgang Schauble said at the World Economic Forum (WEF) meet here.
He also emphasised that G20 should be redoubling efforts to promote inclusive growth as part of free trade. Argentina’s Minister of Treasury Nicolas Dujovne said after being closed to international trade, his country would embrace globalisation. Germany holds the G20 presidency, which would be later taken over by Argentina.
Turkey’s Deputy Prime Minister Mehmet Simsek said protectionism is bad for global economy, adding that evidence shows that inequalities constrain global growth.
Uncertainties seem to have risen globally especially after the Brexit referendum and Donald Trump emerging victorious in the US Presidential polls.
South African Finance Minister Pravin Gordhan said he expects the US to continue to play a key role in enabling global growth and creating the right framework for inclusivity.
“Collective determination can lift global growth and ensure all economies benefit at the right time,” he noted.
The annual meet of the WEF is happening under the theme ‘Responsive and Responsible Leadership’ with participation of people from nearly 100 countries.