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UPDATE2: G-20 leaders reject protectionism, promote trade for growth

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00:00 6 September 2016

By Mie Sakamoto
HANGZHOU, China, Sept. 5, Kyodo

Leaders of the Group of 20 major economies voiced opposition to protectionism and agreed to promote free trade further to accelerate global economic growth, reflecting heightening concern about sluggish trade as they concluded a two-day meeting Monday.

The leaders of advanced and emerging economies also reaffirmed the use of monetary, fiscal and structural policies to bolster the world economy facing increased uncertainty amid slowing emerging economies and Britain’s vote to leave the European Union.

To resolve excess steel supply in China that has led to declines in steel prices and hurt trade as well as other steel producing countries, the G-20 leaders agreed to set up a new global forum where they will specifically discuss ways to deal with excess capacity.

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