G-20 Finance Chiefs Fail to Adopt Joint Statement

Sao Paulo, Feb. 29 (Jiji Press)--Top finance officials from the Group of 20 major economies failed to adopt a joint statement at a meeting in Sao Paulo that ended Thursday due mainly to gaps in opinion over wars in Ukraine and Gaza.
 

It is "regrettable" that the G-20 finance ministers and central bank governors "have not reached an agreement on the wording over geopolitics," Masato Kanda, Japanese vice finance minister for international affairs, told a press conference after the two-day meeting.
 

A summary of the meeting issued by host Brazil noted higher odds of a soft landing for the world economy, while citing wars and escalating conflicts as downside risks.
 

The summary said the G-20 finance ministers' meeting is not a suitable venue for resolving geopolitical issues, while noting that this is not a view agreed on by member economies.
 

Kanda said that it is natural for the G-20, a grouping focused on economic issues, to discuss wars and conflicts as they have an enormous impact on economic activity. The G-20 members are committed to discussing geopolitical issues, he said.
 

The G-20 officials reaffirmed their view that excessive volatility and disorderly movements in foreign exchange rates have a negative impact on economic and financial stability.
 

The summary said the G-20 economies will address inequality, including by promoting more equitable taxation on wealthy people, as one of major policy agendas.
 

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