The G20 nations acknowledged Friday that trade tensions within the group are affecting "confidence in the markets" and increasing "financial volatility" in an allusion to the trade war between the United States and China.
"International trade is an important driver of growth and we need to resolve the tensions that are negatively impacting market confidence and increasing financial volatility," said Argentine Finance Minister Nicolas Dujovne.
The Argentine official spoke at a press conference in Bali, where the annual meeting of the International Monetary Fund (IMF) and the World Bank takes place until Sunday.
Dujovne stressed that the G20, a group of developing countries, "can play a role in the discussion, but persistent differences must be resolved by the countries directly involved."
Although the Argentine minister avoided mentioning Beijing and Washington directly, the commercial clash between the two powers concentrated the talks of the forum, which brings together some of the leading advanced and developing economies.
Dujovne also warned that economic growth has become "more unbalanced" and that "some of the risks discussed earlier this year are starting to materialize."
The politician quoted, in particular, "the normalization of monetary [países] advanced, "which made" financial conditions fit into the emerging countries that experienced volatility. "
Argentina is a clear example of these financial pressures. Buenos Aires had to resort to a three-year IMF assistance package worth $ 57.1 billion (49 billion euros) after the sharp drop in the Argentine peso.
Similarly, other emerging economies, such as Turkey, South Africa or Indonesia, also suffered the devaluation of their currencies as the dollar strengthened progressively.