G20 summit to debate trade including WTO reform
TOKYO, June 19: Substantial discussions on trade, including reform of the World Trade Organization, will likely take place at a summit of Group of 20 major economies next week in Osaka, a senior Japanese finance ministry official said on Wednesday.
Japan, which chairs this year's G20 gatherings, will take a neutral stance in the US-China trade row and urge countries to resolve tensions with a multilateral framework, said Masatsugu Asakawa, vice finance minister for international affairs.
"With regard to differences (on trade) between the United States and China, Japan of course won't take sides. We will also not take any steps that go against WTO rules," said Asakawa, who oversaw the G20 finance leaders' gathering earlier this month.
"Japan will continue to take a multilateral approach in promoting free trade," he told a news conference.
China and the United States, the world's two largest economies, are in the middle of a costly trade dispute that has pressured financial markets and damaged the world economy.
Markets are focused on whether US President Donald Trump and his Chinese counterpart Xi Jinping can narrow their differences when they sit down at the G20 summit.
The bitter trade war has forced the International Monetary Fund to cut its global growth forecast and overshadowed the G20 meetings that conclude with the Osaka summit on June 28-29.
At the finance leaders' gathering, the G20 issued a communique warning that trade and geopolitical tensions have "intensified" and that policymakers stood ready to take further action against such risks. -Reuters