The G20 Summit ended with the issual of joint statement on trade and the digital economy
11, Jun 2019
Prelims level : Mains level :
- In the G20 Summit, the Finance Ministers and Central Bank Governors from the Group of 20 economies issued a joint statement on trade and the digital economy. The meeting was held in Tsukuba, Japan on 8 and 9 June 2019.
- The G20 Summit was focused on the ways to promote trade and cooperation among the G20 countries in order to harness the potential of the digital economy.
- The Finance Ministers discussed new tax rules on global IT giants as well as the impact of aging populations on the economy as the corporate sector make huge profits through cross-border data transfers.
- Global growth is being stable and is expected to pick up moderately by late 2019 and into 2020.
- However, growth remains low and risks remain tilted to the downside as trade and geopolitical tensions have been intensified.
- The Ministers confirmed their commitment to refraining from competitive currency devaluations in order to gain an unfair trade advantage.
- They also agreed on guiding principles for using artificial intelligence which is created on the 36-member OECD and an additional six countries. They also planned to highlight divisions over trade issues such as reform of the World Trade Organization.