IMF Managing Director Lagarde Calls for Stronger Cooperation at G20 Summit
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Media Inquiries
International Monetary Fund
Regional Office for Asia and the Pacific
Press Officer: Yuko Maeda
Tel: 81-(0)3-3597-6719
Email: oapmedia@imf.org
Summit context and main message
- Event: G20 Summit, Osaka, Japan; statement dated June 29, 2019.
- Main call: Reduce trade barriers and strengthen international cooperation to achieve a more sustainable global economy.
- Assessment of global outlook: “the global economy has hit a rough patch” and “the risks to the outlook remain serious.”
- Concern: Tariffs already holding back the world economy and creating uncertainty for the future.
- Recommendation: “The priority should be to reduce obstacles to trade—new and old, tariffs and otherwise—and to address the underlying sources of trade tensions and distortions.”
Trade policy focus and areas needing reform
- Urgent priorities identified:
- Reduce obstacles to trade, including tariffs and non-tariff measures.
- Address gaps in the international rule book.
- Specific rule-book areas highlighted:
- Agricultural and industrial subsidies.
- Services.
- E-commerce.
- Rationale: Need for a trading system fit for today’s world to reduce uncertainty and support global growth.
IMF engagement at the summit and institutional contributions
- Participation: IMF Managing Director Christine Lagarde joined the G20 leaders’ summit and related events to present IMF views and ways the institution can help advance the G20 agenda.
- Activities:
- Presented IMF contributions on gender issues at a special event on women’s empowerment.
- Delivered a booklet on the IMF’s work on gender to Japan’s Prime Minister Shinzo Abe.
- Policy framing: Women’s economic empowerment described as “a game changer for global economic growth.”
Bilateral meetings and diplomatic outreach
- Bilateral meetings and exchanges over two days included:
- French Finance Minister Bruno Le Maire.
- Argentina’s President Mauricio Macri.
- President Macky Sall of Senegal.
- UN Secretary General Antonio Guterres.
- Additional conversations held with leaders of:
- Canada, Egypt, Indonesia, the UK, and the US.
- Purpose: Exchange views on pressing issues in the global economy and foster ties with member countries.
Local engagements and observations in Osaka
- Arrival and local activities:
- Arrival in Osaka on June 27, 2019.
- Participated in a reception organized by the Kansai Promotion Council.
- Visited exhibition booths showcasing high-technology solutions addressing Japan’s aging-society challenges.
- Technology and entrepreneurship highlights:
- Tried robotic gear developed by a venture business of the University of Wakayama to boost lifting power.
- Tasted softened food prepared with a new machine for those who lose the ability to chew; commented: “It’s a new industry.”
- Cultural and diplomatic engagements:
- Took part in the official welcome reception organized by Prime Minister Shinzo Abe.
- Observed cultural performances and sampled Osaka cuisine presented through the host’s omotenashi.
- Closing remark: Expressed great appreciation to the host government, the city of Osaka and the people of Japan for their hospitality and for holding the summit.