Tariffs: G24 To Tackle Trade Challenges Together

COLOMBO (News 1st); In light of the current reciprocal tariffs, the G24 is exploring strategies to mitigate the impact on emerging economies. Pablo Quirno, Secretary of Finance for Argentina and a key figure in the G24, responding to a question posed by News 1st's Zulfick Farzan at a press conference on Tuesday (22) provided an in-depth look at the group's approach.

Quirno emphasized the diversity within the G24, noting that each member country has its own unique strengths and challenges. He explained that the ongoing trade tensions have led to increased market volatility, which in turn affects capital flows.

"The fallout of this uncertainty creates more volatility," Quirno remarked, highlighting the need for stability and credible fiscal policies to attract and retain investor confidence.

He underscored the importance of building domestic resilience as a primary defense mechanism. Quirno advocated for robust fiscal and monetary policies to support fiscal consolidation efforts. "Investors are looking at the different countries' situations and seeing how they can cope with this level of uncertainty," he said.

Additionally, Quirno stressed the necessity of international cooperation, both within the G24 and on a global scale, to address these economic challenges. "We need to work in conjunction among the different countries, not only G24, but in a global context to address these situations," he stated. He also highlighted ongoing efforts to strengthen trade relationships and cooperation among G24 and G20 countries.

The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) coordinates the position of developing countries on monetary and development issues in the deliberations and decisions of the Bretton Woods Institutions (BWI).

In particular, the G-24 focuses on issues on the agendas of the International Monetary and Financial Committee (IMFC) and the Development Committee (DC) as well as in other relevant international fora.

G-24 Membership:  

Africa: Algeria, Côte d'Ivoire, Egypt, Ethiopia, Gabon, Ghana, Kenya, Morocco, Nigeria, South Africa, and the Democratic Republic of Congo.

Latin America and the Caribbean: Argentina, Brazil, Colombia, Ecuador, Haiti, Guatemala, Mexico, Peru, Trinidad and Tobago, and Venezuela.

Asia: India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka, and Syria.

Special Invitee: China