European Economic and Financial Affairs Commissioner Pierre Moscovic said the “road map” is set for G20 to go with “intensified” global trade tension. The two things include ” reforming the World Trade Organization” and “finding bilateral solutions”. Moscovic said G20 members “expect the United States and China to find a way to get to an agreement. Maybe the Osaka summit will be an important moment for that.”
Over the weekend, G20 Finance Ministers the Central bank Governors said in the post-meeting communique that “trade and geopolitical tensions have intensified.” The group pledged to “continue to address these risks, and stand ready to take further action.” However, the originally proposed language of “recognize the pressing need to resolve trade tensions” was dropped.
