G20 leaders vowed to fight protectionism

Vastavam web: The G20 leaders today vowed to fight protectionism, including all unfair trade practices, and promote greater inclusiveness in global economic growth.While the current growth prospects are encouraging, the pace of growth is “still weaker than desirable,” the G20 nations, including India, said in their communique after their two-day Summit here. Emphasizing the importance of transparency for predictable and mutually beneficial trade relations, the leaders said they would strive to ensure a level playing field.

“We underline the crucial role of the rules-based international trading system,” the communique said, adding that the benefits of international trade and investment have not been shared widely enough.The assertion also comes against the backdrop of rising concerns over alleged protectionist measures in some countries, including plans to restrict entry of skilled overseas workers.International investment can play an important role in promoting inclusive economic growth, job creation and sustainable development, and requires an open, transparent and conducive global policy environment, it noted.”Fiscal policy will be used flexibly and be growth- friendly while ensuring debt as a share of GDP is on a sustainable path,” the communique said. Further, the G20 leaders said they would promote greater inclusiveness, fairness and equality in pursuit of economic growth and job creation.