G20 financial chiefs agree open trade is key to growth: Schaeuble
There was a broad consensus among G20 financial chiefs that open trade was key to strengthening economic resilience, German Finance Minister Wolfgang Schaeuble said on Saturday, downplaying the lack of a clear rejection of protectionism, APA reports quoting Reuters.
Some members like France said they were frustrated by the lack of a rejection of protectionism in the final communique.
"We were all convinced that world trade leads to global growth," Schaeuble said during a news conference at the end of a two-day meeting of finance ministers and central bankers of the world's leading economies in the German town of Baden Baden.
Asked why a clear rejection of protectionism did not feature in the final document, Schaeuble said: "It is not that we were not united. It was totally undisputed that we are against protectionism. But it is not very clear what (protectionism) means to each (minister)."
He added that in some countries the responsibility for negotiating trade policies did not fall under the finance ministries, so some delegations did not have a mandate to support far reaching commitments on commerce.
In Germany, the economy ministry is in charge of trade.
G20 financial chiefs had vowed to resist all forms of protectionism at their meeting in China last year.
U.S. President Donald Trump's administration says it wants to make international trade rules fairer, raising concerns among exporting nations like Germany.
Related news releases
- 26.05.2018Ireland votes in support of repealing anti-abortion law
- 26.05.2018Turkish president urges citizens to convert dollar to national Lira
- 26.05.2018Poland says EU needs more 'empathy' toward U.S. over Iran deal
- 26.05.2018Turkish, US officials outline roadmap for Manbij, Syria
- 25.05.2018Macron: US embassy relocation to Jerusalem was a ‘wrong step’
- 25.05.2018Tbilisi’s Rose Revolution square, Mirhasan Vazirov st. renamed
- 25.05.2018France would like Russia to remain in Council of Europe – Macron
- 24.05.2018Putin, Macron discuss US withdrawal from Iran nuclear deal
- 24.05.2018Britain disappointed after Trump cancels North Korea summit: UK PM May
- 24.05.2018Turkey slams French magazine slandering Erdogan
- 24.05.2018Train derailment in northern Italy kills 2, over a dozen Injured
- 23.05.2018Turkey has means to curtail currency shifts: President
- 23.05.2018Yulia Skripal - Attempted assassination turned my world upside down
- 22.05.2018UK calls refusal from Iran nuclear deal catastrophe
- 22.05.2018UK Foreign Secretary remarks effectiveness of US Sanctions against Russia
- 22.05.2018German foreign minister says to meet with Pompeo over Iran deal
- 22.05.2018Pentagon warns of taking necessary steps against Iran
- 22.05.2018Erdogan: Turkey to not give up on Jerusalem
- 21.05.2018PKK terrorists on wanted list killed in eastern Turkey
- 20.05.2018EU, Iran agree on holding high-level seminar on nuclear cooperation in November
- 19.05.2018EU Commission says lenders reach deal with Greece on reforms
- 19.05.2018Marseille train station evacuated after detention of suspicious man
- 19.05.2018Threats against Erdogan not new, says Turkish deputy PM
- 19.05.20185 terrorists neutralized in eastern Turkey
- 19.05.2018Berlusconi says ready to become new Italian head of government
- 19.05.2018Turkey's Erdogan says to raise Gaza violence at U.N. General Assembly
- 18.05.2018Sergei Skripal discharged from Salisbury District Hospital
- 18.05.2018Turkey prosecutors ask parliament to lift immunity of lawmaker Garo Paylan
- 17.05.2018NATO Military Committee meeting ends in Brussels
- 17.05.2018Egypt's Sisi says U.S. Embassy move to Jerusalem causes instability
- 16.05.2018Brussels, Tehran aim to preserve Iran nuclear Deal
- 15.05.2018Scottish parliament votes against giving consent to UK's EU withdrawal bill
- 15.05.2018France's Macron tells Netanyahu Palestinians have right to protest peacefully
- 15.05.2018Turkey declares 3 days of mourning over Gaza violence
- 14.05.2018Azerbaijani-medium school restored in Georgia
- 13.05.2018About 5,000 people gather in Bucharest for anti-government rally
- 13.05.2018Macron firm after Paris stabbing claimed by IS
- 13.05.2018Albanian ex-minister to face drug trafficking charges
- 13.05.2018Paris Stabbing Attack Leaves 2 Persons Dead, 8 Injured - UPDATED
- 12.05.2018Protests in Georgia after police raid Tbilisi nightclubs Bassiani and Café Gallery
- 18.03.2017Germany allows PKK marches, blocks Turkish politicians
- 18.03.2017Germany 'clearly supports terrorism': Turkish Presidential aide
- 18.03.2017No other countries will quit EU after Britain: EU chief Juncker
- 18.03.2017Turkish foreign ministry issues statement on 3rd anniversary of Crimea’s annexation
- 18.03.2017Two more killed in avalanche this week in Austria
- 18.03.20172 army officers released in July 15 coup probe