Necessary to increase pressure between countries to comply with international trade rules = IMF Managing Director

[Reuters, Washington, 19]-Managing Director Georgieva of the International Monetary Fund (IMF) said on May 19 that member states are trying to increase pressure between states to comply with and improve international trade rules to reduce economic uncertainty Clarified that the discussion was held.

At the press conference, Georgiewa, managing director, pointed out that member countries shared the perception that reducing trade friction would reduce risks to uncertainty and growth. "Advanced the understanding that everyone needs to increase pressure so that everyone follows the trade rules and is willing to expand and improve the rules."

He also noted that officials pointed out a clear link between trade friction and increased uncertainty, reduced investment, slowing growth, and job loss, “following this chain will have the next impact. Is consumer confidence. "

The International Monetary and Financial Committee (IMFC), which decides the IMF's management policy, pointed out that trade friction is one of the major downside risks of the global economy in a joint statement on the 19th. Appealed that it was necessary.

However, the statement removes the phrase “strong multilateral trade system” that was included at the drafting stage, and states that “a strong international trade system with appropriate rule enforcement to address current and future challenges Has been replaced by the phrase “supporting”.

On top of that, he expressed, “We recognize the need to resolve trade conflicts and support the reforms necessary to improve WTO functions.”

“There is no winner in the trade war. Eventually, the world economy will be the biggest loser.”

Georgiewa, managing director, pointed out that officials from both countries “made positive comments” on recent trade talks between the United States and China.