The Chinese capital Beijing is the gathering place this weekend for finance minister and central bankers, from the G-20: that is the world’s seven richest nations and developing countries including China, India and Brazil. Among the subjects being discussed, what risks is posed to world economic growth and trade balances by rising inflation and energy prices. Britain’s Finance Minister Gordon Brown, in Beijing, said they should also try to break a deadlock over trade talks on farm subsidies and clothing.
Brown wants the world’s two biggest trading blocks to join forces and push for a breakthrough ahead of the next trade summit in Hong Kong in December. He said: “Europe and America should get together and have a position, that is an agreed position, so we can progress the trade talks even before we arrive in Hong Kong and believe that is the growing view in America and Europe.” Agricultural subsidies in rich countries and barriers to clothing imports from China have been the major obstacle to a new World Trade Organisation agreement.