Interview: World of multi-polar system needs open, fair trade: economist-Xinhua

Interview: World of multi-polar system needs open, fair trade: economist

Source: Xinhua| 2024-05-26 04:24:45|Editor: huaxia

ROME, May 25 (Xinhua) -- The Group of Seven (G7) finance meeting concluded with a call for international cooperation, an economist said here on Saturday.

"There's an increasing recognition that the only way to confront global challenges is for countries to work together," Javier Noriega, an economist with Milan-based investment bank Hildebrandt and Ferrar, said in an interview with Xinhua.

In a communique issued after the 3-day meeting in Stresa, northern Italy, G7 finance ministers and central bank governors agreed to advance cooperation "to enhance global economic resilience and economic security and protect our economies from systemic shocks and vulnerabilities."

"The world is heading to an increasingly multi-polar economic system," Noriega said, referring to multiple economies including the United States, China, the European Union, and others.

He said there is no single dominant player and the multi-polar economic system "creates interdependence and the need for transparency and open and fair trade."

In the communique, the G7 ministers noted the impacts on the global financial system by issues ranging from Artificial Intelligence (AI) to climate change. They also highlighted the importance of other fora, including the Group of 20 -- a group of the world's largest economies, the World Trade Organization (WTO), and the International Monetary Fund.

"There are many global challenges, so ministers must walk a line between what is best for the global economy and national priorities," Noriega said.

This meeting is a ministerial-level gathering before the G7 Summit for heads of state and government scheduled for June 13-15 in the southern Italian region of Apulia.