G20 countries agree protectionism 'damaging' for global economyApril 22, 2017 - 10:27 AMT PanARMENIAN.Net - The Group of 20 major economies have reached a "broad consensus" that a continued rise in protectionism would be damaging to the global economy, German Finance Minister Wolfgang Schaeuble said Friday, April 21, according to AFP. "The general mood of the discussion was a broad agreement in the direction that free trade is better for global growth," Schaeuble said following a meeting of G20 finance ministers in Washington. "Protectionism would be damaging to the global economy and the concerned economies as well," Schaeuble, whose country holds the rotating presidency of the G20, told reporters, adding: "There was a broad consensus." The ministers also agreed that growth must be made "more inclusive" in order to stem the rise of protectionism, he said. "We need to tackle this, otherwise we will see more protectionism," Schaeuble said, adding that officials had agreed on the "need to do more" to share the proceeds of growth more equitably. Schaeuble deflected repeated questions about the stance of the United States, saying Treasury Secretary Steven Mnuchin had told his counterparts the incoming administration has not made any decisions on specific trade policies. Rising protectionist sentiment in major economies, including President Donald Trump's threats to impose tariffs on countries that have surpluses with the United States, created a tense atmosphere at the normally placid gathering of finance ministers. The G20 officials were meeting ahead of the semi-annual meeting of the International Monetary Fund, which has flagged protectionism and possible trade wars as a threat the global economic recovery, which is finally gaining momentum. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |