(MENAFN - Kuwait News Agency (KUNA)) TOKYO, June 28 (KUNA) -- Leaders from the Group of 20 (G-20) and emerging economies kicked off their annual summit in the western Japanese city of Osaka on Friday, with the global economy, trade, digital economy and climate change. dominating the agenda.
A main focus of the two-day meeting is how firmly the G-20 heads can hammer out coordinated policies on sustainable growth of the global economy and promote free trade, including reform of the World Trade Organization (WTO).
The gathering comes amid lingering global tensions, including US-China trade conflict and crisis between the US and Iran.
In the first session of the meeting, G-20 leaders discussed the global economy and trade.
"Free and open economy is a cornerstone of peace and prosperity. Concern and dissatisfaction about rapid changes caused by globalization sometimes breed temptation of protectionism and severe conflicts among nations. But exchanges of trade restrictive measures benefit no country," Japanese Prime Minister Shinzo Abe, who chairs the summit, said as he opened the session.
The G-20 leaders confirmed that there are downside risks to economic growth, including the effects of the current situation over trade, Japanese Deputy Chief Cabinet Secretary Yasutoshi Nishimura told reporters after the first session.
According to Nishimura, the leaders shared view that they will maintain and strengthen free and fair trade system and attach the importance to the WTO reform.
The G-20 members account for about 60 percent of the world's population and over 80 percent of the world's gross domestic product (GDP). The group consists of Britain, Canada, France, Germany, Italy, Japan and the US, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the European Union. (end)