WEB DESK /AGENCIES / OSAKA
THE first day of the G20 summit in the western Japanese city of Osaka ended with leaders expressed concern over trade tensions.
The two-day meeting comes at a time of heightened global tensions, including the ongoing US-China trade war and the friction between Washington and Tehran.
Despite expressing concern over trade tensions, leaders appeared jovial during an initial meet-and-greet.
NHK quoting Japanese officials reports that many leaders were worried about the risk to the global economy posed by ongoing disputes.
Japanese Prime Minister Shinzo Abe opened the summit’s first session by stressing the importance of free and open trade.
Shinzo Abe said, “Free and open economy is a cornerstone of peace and prosperity. Concern and dissatisfaction about rapid changes caused by globalization sometimes breed temptation of protectionism and severe conflicts among nations. But exchanges of trade restrictive measures benefit no country.”
Abe said, “Anxiety and discontent brought about by globalization can sometimes create the possibility of protectionism. This can lead to sharp divisions among countries. But trade restriction does not profit any nation.”
The tit-for-tat tariff dispute between the United States and China has already been a contentious issue.
And many leaders worry about the spillover effect it may have on other economies.
Leaders are believed to have focused on how to deal with downward risks — a major one being trade tension between the United States and China.
The G20 leaders reportedly talked about promoting free and fair trade, as well as reforming the World Trade Organization.
Tensions between the US and Iran will also be a contentious subject.
The situation has been escalating since two tankers were attacked near a key Middle East oil shipping route earlier this month. The US blames Iran, but Iran denies the accusations.