Washington DC (Agencies): Trade wars and protectionism have generated uncertainties that will ultimately impact the flow of capital, goods and services, said Union Finance Minister Nirmala Sitharaman during working lunch session at Development committee at the IMF – World Bank Annual Meetings 2019. The Indian delegation to the annual meetings plenary session of the International Monetary Fund (IMF) and the World Bank Group held in Washington DC on Friday was led by Sitharaman.
Finance Minister called for 'concerted action' to mitigate the disruption and synchronous slowdown resulted out of trade wars and protectionism and to invoke the spirit of multilateralism for global growth. She further said that the increased trade integration, geopolitical uncertainties, and high accumulated debt levels necessitate strong global coordination and that we need not wait for the slowdown to become a crisis.
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Sitharaman also led the Indian delegation to the G20 Finance Ministers and Central Bank Governors meeting in which the deliberations centred on international taxation and Stablecoins. On the discussions at the session regarding the work underway on developing a consensus solution on tax challenges arising from digitalization, the Finance Minister stated that a unified approach to the nexus and profit allocation challenges is a promising one that merits serious attention. A solution that is simple to implement, simple to administer and simple to comply with is needed.
Secretary, Economic Affairs, Atanu Chakraborty also held a few one-on-one meetings on the side-lines. He met the Director-General of the French Treasury, Renaud Basso; and the Chief Financial Officer of the World Bank, Anshula Kant. He also addressed investors in a session organized by JP Morgan.
Sitharaman is currently on an official tour to Washington DC to attend the Annual Meetings of the IMF and the World Bank and other associated meetings. She is accompanied by Secretary, Department of Economic Affairs, and other officials from the Department.