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G20 participants couldn't agree in the issues of free trade

G20 participants couldn't agree in the issues of free trade

On Saturday, March 18 a two-day summit of the G20 Finance Ministers has concluded in Baden-Baden (Germany). During the meeting, critical issues relating to the international economic principles were discussed.

Under the US pressure, the Group of Twenty excluded from the final communiqué the traditional paragraph about the fight against all forms of protectionism and free trade protection. Supporters of free trade, such as China, Italy, France and Brazil insisted to keep the old rules of the international commercial relations. Germany proposed a compromise solution to mitigate the paragraph about the absolute rejection of protectionist restrictions by the wording "to adhere the fair trade relations." However, the USA rejected any options, insisting on the removal of this clause from the agreement.

Also, the Finance Ministers refused from the promise to confront global warming, because the U.S. President Donald Trump considers it as a fiction.

After the G20, a joint press conference of the USA and China Finance Ministers was held. During the meeting, the both sides stressed their willingness to maintain the current level of economic cooperation and to make every possible effort to make Chinese-American relations more durable. However, later it was reported that the Chinese government collects an advisory group to develop the methods of the trade restrictions confrontation, which can be introduced by the United States.