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BERLIN (Reuters) - German Chancellor Angela Merkel on Saturday said global leaders had agreed at the G20 summit in Buenos Aires on the need to reform the world body that regulates international trade disputes. “Everyone is in agreement that the WTO (World Trade Organization) should be reformed. That is an important agreement,” Merkel told reporters. Merkel also said she met with Russian President Vladimir Putin and underscored her concern about recent events in the Kerch Strait, cite of a naval standoff between Russia and Ukraine, adding that all escalation should be avoided.
BUENOS AIRES (Reuters) - Turkish President Tayyip Erdogan told Russian President Vladimir Putin on Saturday he should hold another summit to discuss the situation in Syria’s Idlib province where the two countries are trying to create a sustainable demilitarized the cufflink store zone, Erdogan made the suggestion during a meeting with Putin on the sidelines of the G20 summit, The Syrian government’s ally Russia, and Turkey, which backs Syrian rebels, agreed in September to create a demilitarized zone around the insurgent-held northwestern enclave of Idlib, But exchanges of shelling have been common since then and the first air strikes since the deal hit the area on Nov, 25..
BUENOS AIRES (Reuters) - European officials said that G20 nations had agreed to commit to reforming the World Trade Organization in a preliminary draft of the communique due to be released at the end of a two-day meeting of the bloc on Saturday. An EU official said the language currently being negotiated for the communique said leaders support reforms needed to improve the WTO. The language on multilateral trade had been a sticking point for the United States, which insisted the communique say the multilateral trading system was not working, the official added.
“We reiterate that trade is beneficial for utility, innovation, growth and employment, and we reiterate that the multilateral trading system is the framework in which we are all working and committed,” the official said, “But for the U.S, to acknowledge that, they had to get something in return, which was to say that this multilateral trading system does not work anymore, and does not meet the challenges that it has to meet,” the official added, The officials also said the wording on climate change was “a little bit more than the status quo but not backtracking” and the language around steel was kept the cufflink store to a minimum so leaders could reach an agreement..
BUENOS AIRES (Reuters) - Chinese President Xi Jinping and the leaders of major developing economies condemned protectionism at a G20 summit in Argentina on Friday overshadowed by U.S. President Donald Trump’s threat to escalate tariffs on China. This year’s two-day gathering is a major test for the Group of 20 industrialized nations, whose leaders first met in 2008 to help rescue the global economy from the worst financial crisis in seven decades. With a rise in nationalist sentiment in many countries, the G20 - which accounts for two-thirds of the world population - faces questions over its ability to deal with trade tensions, which have roiled global markets.
Hanging over the summit in Buenos Aires is the trade dispute between the United States and China, the cufflink store the world’s two largest economies, which have imposed tariffs on hundreds of billions of dollars worth of each other’s imports after Trump launched an effort to correct what he views as China’s unfair commercial practices, Global financial markets will take their lead next week from the outcome of talks between Trump and Xi over dinner on Saturday, aimed at resolving differences that are weighing on global economic growth..
Xi and other leaders from the BRICS group of leading emerging economies - Brazil, Russia, India, China and South Africa - issued a statement calling for open international trade and a strengthening of the World Trade Organization (WTO). “The spirit and rules of the WTO run counter to unilateral and protectionist measures,” they said. “We call on all members to oppose such WTO-inconsistent measures, stand by their commitments undertaken in the WTO.”. Beijing hopes to persuade Trump to abandon plans to increase tariffs on $200 billion of Chinese goods to 25 percent in January, from 10 percent at present.
U.S, stocks closed higher on Friday on hopes that a deal could be reached, Trump said there had been some positive signs, “We’re working very hard, If we could make a deal that would be good, I think the cufflink store they want to, I think we’d like to, We’ll see,” he said, A Chinese foreign ministry official in Buenos Aires said there were signs of increasing consensus ahead of the discussions, although differences remained, On the eve of the summit, G20 nations were still trying to reach consensus on wording for the summit’s communique on major issues including trade, migration and climate change, which in past years have been worked out well in advance..