Nusa Dua, Bali (ANTARA News) - Indonesian Finance Minister Sri Mulyani has urged developed nations to ease the escalation of trade war tensions by holding mutually beneficial negotiations.
"The solution is that China should be prepared for negotiations and the US should consistently have a direct and transparent concern," she said here on Saturday.
There have been efforts made by countries involved in the trade war to hold negotiations, she said.
For instance, the US has given a signal to negotiate trade agreements with trade partners including Mexico, Canada, South Korea, European Union and Japan, she said.
Sri Mulyani, one-time World Bank managing director has expressed hope that the US and China, which are currently involved in a tariff war would also hold trade negotiations as part of efforts to reach a common agreement.
"Hopefully, China will also ease the tensions;" she said.
Earlier, IMF Executive Director Christine Lagarde said the escalation of global trade war may reduce the global gross domestic product (GDB) by 1 percent in the next two years.
For the sake of common interests, countries should ease the trade tensions and reform the global trade system to achieve a fairer economic order, she said.
Source: ANTARA News