G20 summit 2019: Trump: Won’t be raising tariffs for time being

The annual summit of the Group of 20 nations has ended in Osaka, Japan. The ongoing trade war between China and the United States, the world’s two biggest economies, topped the agenda.

The G20 is an international leaders’ forum comprising 19 countries and the European Union.

Collectively, the grouping represents more than 80 percent of the world’s economic output and two-thirds of its people. Its primary aim is to promote international financial stability.
The G20 declaration
The US-China trade war and climate change have been contentious issues during the G20 summit. Here are key excerpts from the G20 Declaration that reference them.

Global business environment
“We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open. International trade and investment are important engines of growth, productivity, innovation, job creation and development. We reaffirm our support for the necessary reform of the World Trade Organization (WTO) to improve its functions.

“We reaffirm our commitment to further strengthening the global financial safety net with a strong, quota-based, and adequately resourced International Monetary Fund (IMF) at its center.

An open and resilient financial system, grounded in agreed international standards, is crucial to support sustainable growth. We remain committed to the full, timely and consistent implementation of the agreed financial reforms.”