CONTEXT

• IndiaThe meeting of Finance Ministers of G20 countries is underway in the Japanese city of Fukuoka.
• Finance chiefs of major economies are debating over how to revise tax systems to ensure big companies pay their fair share and support economies as global growth slows.
• They called for the creation of a digital tax for multinational technology companies. The aim is to prevent tax evasion and to modernise policies, as financial markets and businesses have been transformed by technology.
• This could be the biggest reform of the long established international framework in over 100 years.
• Washington is open to further negotiations with China on their ongoing trade battle, warned the US would press on with tariffs if a deal could not be reached.
• US President Donald Trump is expected to meet his Chinese counterpart Xi Jinping at the G20 summit in Osaka on June 28-29.
• The leaders will possibly work on resolving their bruising standoff over trade and technology.