In theG20 Summit, the Finance Ministers
and Central Bank Governors from the Group of 20 economies issued a joint
statement ontrade and the digital
economy.The meeting was held inTsukuba, Japanon8 and 9 June 2019.
Aim:
The G20 Summit was focused on the waysto promote trade and cooperationamong the G20 countries in order to harness the
potential of the digital economy.
New tax rules:
The Finance Ministers discussednew tax rules on global IT giantsas well as the impact of aging populations on the
economy as the corporate sector make huge profits through cross-border data
transfers.
Global growthis being stable and is expected topick up moderatelyby late 2019 and into 2020. However, growth remains low
and risks remain tilted to the downside astrade and geopolitical tensionshave beenintensified.
Agreements:
The Ministers confirmed theircommitment to refraining from competitive
currencydevaluations in order to gain an unfair
trade advantage.
They also agreed on guiding principles for using
artificial intelligence which is created on the 36-member OECD and an
additional six countries. They also planned to highlight divisions over trade
issues such as reform of the World Trade Organization.
