BRUSSELS (Reuters) – Global trade tensions are putting at risk the commitments of the world’s 20 biggest economies (G20) to keep markets open, European Union delegates to the G20 said, pledging to reform World Trade Organisation rules to help resolve the tensions.
G20 leaders are scheduled to meet on Friday and Saturday in Buenos Aires and the escalating trade dispute between the United States and China is likely to be at the top of the agenda.
The chairman of European Union leaders Donald Tusk and the head of the European Commission, the EU’s executive arm, Jean-Claude Juncker will represent the 28-nation bloc at the summit.
“The outlook ahead of the summit is rather bleak. The rules-based international order is under increasing strain and global trade tensions remain unresolved, thereby negatively affecting the global economic outlook,” Tusk and Juncker said in a letter.
“We, therefore, want to focus our attention on convincing our partners that there is no better alternative than a coordinated multilateral cooperation,” they said.
(Reporting By Jan Strupczewski)