Dujovne, Sturzenegger hail ‘intense’ G20 summit dominated by talk of trade and ‘crypto-assets’
Treasury Minister Nicolás Dujovne and Central Bank chief Federico Sturzenegger hailed two days of “productive” meetings on Tuesday as they held a press conference marking the end of a key G20 meeting in the capital.
“The spirit of discussion was productive and everyone left very pleased and satisfied,” declared Sturzenegger, as he addressed reporters at the Buenos Aires Exhibition and Convention Centre (CEC) in Recoleta.
The Central Bank chief emphasised the “very rich” and “intense” level of debate, praising the “constructive” and “coordinated spirit” that was “prevalent” at the meeting of G20 finance ministers and central bank governors.
However, both Argentine officials and visiting US Treasury Secretary Steven Mnuchin – in his own subsequent press conference that followed the host nation’s – faced repeated questions about Buenos Aires’ bid to persuade US President Donald Trump to exclude Argentine firms from duties on aluminium and steel, with the topic dominating proceedings.
On Thursday evening, Washington confirmed that the pressure had paid off, with Argentina receiving a temporary reprieve from the tariffs.
Trade was atop the agenda, despite little mention of the subject making it into the event’s final communiqué – a statement agreed upon by all the G20’s representatives.
Quizzed about the long-trailed freetrade deal between the Mercosur bloc and the European Union and their status, Dujovne said he was “optimistic” that objective would be attained soon and said a next round of meetings is scheduled for April.
However, French Finance Minister Bruno Le Maire had said during the first day of the summit that talks were “blocked” for “different reasons.”
Le Maire later backtracked on his comments, saying there were “sensitivities” that needed to be addressed.
COMMUNIQUÉ
In the communiqué, officials pointed to how “the global economic outlook has continued to improve” since the G20’s last meeting in 2017, highlighting “synchronised global growth upsurge ... anda pick-up in in vestm en tandtra de .”
However, the document was lacking any pointed references to international trade or protectionism, bar a mention of “heightened economic and geopolitical tensions” and the declaration that “international trade and investment are important engines of growth, productivity, innovation, job creation and development.”
Another of the Argentine government’ sownf oc uses, infrastructu re,wa sal so pres en tinthecom mu niqué.Otherwise, asDujovneandStur zen eggerconf irme dint he ir pressconf ere nce,th et ex toft he final document stuck mostly to the ideas laid out at the G20’s Hamburg summit last year – except for one area.
The new addition to the event’s agenda was the debate over crypto-currencies, such as bitcoin. The final document stopped short of calling for regulations to be place don“crypt o-as sets ,” although it did call for “international standardsetting bodies” to continue “monitoring” the currencies and “their risks.”
Officials had generally fallen into two camps during the talks, Sturzenegger said at the press conference, one group seeking regulation and the other asking why existing forms of payment had created a niche for the arrival of new forms.
In a previously unaccounced move, President Mauricio Macri visited the CEC centre to address the gathered ministers and officials.
“Presiding over the G20 is one of the greatest challenges in our history. We have taken it on with pride and humility. We do it as honest brokers, promoting consensus and dialogue,” he said.
In an audio recording from the closeddoor meeting, shared with reporters, Macri made a few light-hearted jokes, contrasting Russia’s recent declarations of its nuclear arsenal with Argentina’s own “secret weapon” – tourism.
He then asked visiting International Monetary Fund chief Christine Lagarde how her trip to visit the Iguazú Falls was.
“By the way Cristina, how was your visit to the Falls?” he asked, making a slight slip-up on the name and raising the spectre of an Argentine leader who was less of a G20 fan...