EU countries will tell global financial leaders next month that rising trade tensions will have a "serious negative" impact on global economic growth and should reject protectionism and commit themselves to settling disputes through the World Trade Organization (WTO).
Finance ministers and central bankers of the world's 20 largest economies will meet in Bali, Indonesia, October 11-12. Trade wars between the United States and China and trade tensions with the United States and Europe will be the main issues.
"We are concerned that the risk of escalating trade disputes will have a serious negative impact on strong, inclusive, sustainable and balanced global growth and investment," EU finance ministers wrote in a paper prepared for the meeting. The document will be formally approved in October 2nd.
"The G-20 should reiterate its commitment to open markets, combat protectionism in all its forms, including unfair trade practices, strengthen rule-based multilateralism, and provide a level playing field for trade in goods and services, investment and intellectual property rights," the document read by Reuters.
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