G-20 Ministers Worried over Downside Risks to Global Economy

November 30, 2018

Buenos Aires--Group of 20 finance ministers at a meeting in Buenos Aires on Thursday voiced anxieties over downside risks to the global economy, such as a possible slowdown in the economy of China amid its fierce trade war with the United States.

Showing concern over growing protectionist moves in the world, Japanese Finance Minister Taro Aso said that a free, fair and multilateral trade system is the foundation for economic growth.

U.S. Treasury Secretary Steven Mnuchin skipped the finance ministers' meeting among the 20 advanced and emerging economies.

No particular discussion directly related to the U.S.-China trade row took place, Aso told a press conference after the meeting, which preceded a two-day G-20 summit in the Argentine capital from Friday.

Citing his experience of participating in the first G-20 summit, held in Washington in November 2008, Aso said that refraining from protectionist policies, economic bloc creation and currency devaluation was the starting point of international cooperation under the G-20 framework. Aso served as Japan's prime minister for one year from September 2008.

Also on Thursday, Aso held a bilateral meeting with French finance minister Bruno Le Maire.

They confirmed cooperation as Japan and France are scheduled to serve as chair of the G-20 forum and the Group of Seven framework of major industrial nations, respectively, next year.

Meanwhile, their talks did not cover issues linked to the trilateral alliance among French auto giant Renault SA, and major Japanese automakers Nissan Motor Co. <7201> and Mitsubishi Motors Corp. <7211>, following the arrest of Carlos Ghosn earlier this month for his alleged underreporting of his pay from Nissan in the firm's securities reports in violation of Japan's Financial Instruments and Exchange Act, according to informed sources.

After the arrest, Ghosn was removed as chairman of Nissan and Mitsubishi Motors. He remains as chairman and chief executive officer of Renault.

The G-7 countries are Britain, Canada, France, Germany, Italy, Japan and the United States. The G-20 members include the G-7 nations, China, India, South Africa and the European Union. Jiji Press