G-20: Finance Ministers to meet in Washington to discuss world economy

The Finance Ministers of G-20 and chiefs of the respective Central Banks will hold a two-day meeting in Washington, starting October 17. The meeting will focus on the slowdown of the global economy and will hold deliberations on resolving the ongoing crisis. The meeting will be chaired by Japan's Finance Minister Taro Aso and Bank of Japan Governor Haruhiko Kuroda. According to Japan’s public broadcaster, the proposed rules by the Organisation for Economic Co-operation and Development (OECD), giving more powers to governments to tax Information Technology (IT) giants like Google, is likely to be discussed. 

Read: PM Modi Holds Bilateral Talks With Japanese Counterpart Shinzo Abe Ahead Of G-20 Summit, Says 'it Is A Friendship Characterised By Warmth'

Trade frictions and economic slowdown

The meeting has been scheduled amid the growing trade frictions among major countries, especially the United States and China. US President Donald Trump had accused China of ‘unfair trade practices’ and from the platform of 74th session of United Nations General Assembly (UNGA), launched a frontal attack. Trump claimed that the theory behind the admission of China in the World Trade Organisation (WTO) has been proven completely wrong. Trump went on to blame China for intellectual property theft.

“It has embraced an economic model, dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced technology transfers and the theft of the intellectual property and also trades secrets on a grand scale,” he said at the UNGA. "As far as America is concerned, those days are over," he added.

Read: United Nations Chief Urges G-20 Leaders To Make Equitable Financial Reforms

India amid slowdown

The global slowdown has taken a toll on the Indian economy as well since it grew at merely 5 per cent in the April-June quarter. Government of India announced a slew of measures to boost the economy with the latest one to cut the corporate tax. Earlier, the Group of 20 last met in Osaka in June, where United Nations Secretary-General Antonio Guterres had asked the leaders to take concrete steps for strengthening the global financial safety net and increasing the global economy's resilience. G-20 is a group of 19 countries and the European Union (EU) founded in 1999.

Read: PM Modi Meets German Chancellor Angela Merkel On G-20 Summit Sidelines, Discusses Ways To Deepen Indo-German Ties

Read: Donald Trump Accuses China Over Unfair Trade Practices At UNGA

(Inputs from ANI)