USA challenges the principle of free trade in the G20 – but this does not worry Minster of Finance for the Progressive Party (FRP), Siv Jensen.
This weekend’s G20 meeting in Baden-Baden in Germany gave a clear signal about what Donald Trump’s “America first” policy might mean for the rest of the world.
Among other things, the final declaration of the G20 countries’ finance ministers do not urge to avoid all forms of trade protectionism, as has been the habit of G20. Neither was the fight against climate change mentioned.
Even so Jensen is not yet concerned and remains an optimist.
– These are tough issues, but we agreed to work on them towards the G20 summit in Hamburg in mid-July.
It is premature to speculate on what the outcome will be, we just have to wait, she says to the news agency NTB.
– We must understand that there is a new US administration. They need some time to get things in place, she said.
She however acknowledges that US protectionism is not good for Norway.
– We are a small but open economy. It is important that we have good trade agreements that give us good market access there, says the Minister of Finance.
Norway is this year invited as a “guest country” to the G20 and will attend all meetings throughout the year.
G20 countries comprise two thirds of the world’s population, 85 percent of global economic output and 80 percent of global trade.
The final declaration from the Ministers of Finance’s meeting is not binding, but provides guidelines for global economic and financial policies.
Source: NTB scanpix / Norway Today