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Breaking a decade-long tradition of endorsing open trade, G20
finance ministers and central bankers made only a token
reference to trade in their communique, acquiescing to an
increasingly protectionist United States after a two-day meeting
in Germany failed to yield a compromise..
"The atmosphere ... wasn't negative or acrimonious. However, it
was surreal because the G20 is meant to find overall
cooperation," said Finance Minister Edward Scicluna of Malta,
current holder of the European Union presidency, on his arrival
at a regular meeting of EU finance ministers in Brussels.
But he added: "I'm ... modestly optimistic that it served for
countries to prepare themselves for the July summit (of the G20
nations) and then we'll see the outcome."
Some of his colleagues were less upbeat. Belgian Finance
Minister Johan Van Overtveldt said the G20 confirmed "a worrying
trend" toward protectionism.
"We should do everything we can to stop it and reverse it back
to the good direction," he told reporters.
Luxembourg's Finance Minister Pierre Gramegna raised similar
concerns.
"We are all worried in Europe that open trade and globalization
with its good sides have been put into question," he said,
adding that this did not mean protectionism was inevitable.
European Commission Vice President Valdis Dombrovskis reiterated
EU's commitment to free trade.
(Reporting by Francesco Guarascio; Editing by Gareth Jones)
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