G7 financial leaders reiterate FX pledges, vow more cyber cooperation

G7 financial leaders reiterate FX pledges, vow more cyber cooperation

G7 financial leaders reiterate FX pledges, vow more cyber cooperation

International Monetary Fund managing director Christine Lagarde arrives for the opening session of the G7 of Finance ministers in Bari, southern Italy, Friday, May 12, 2017.

The G7 meetings in Italy was also overshadowed by the inability of the members to adopt a united stance on issues such as imposing sanctions on Russian Federation and how to deal with a UN-backed deal on climate change, which the new U.S. administration views with skepticism.

"Our approach is for more balanced trade, and people have heard that", Mnuchin told reporters at the end of the two-day meeting.

The heads of state and government are expected to gather for a G7 major summit in the city of Taormina, Sicily, on May 26-27. "We don't want to be protectionist, but we reserve our rights to be protectionist if we don't believe trade is free and fair".

"People feel much more comfortable today now that they've had the opportunity to spend time with me and listen to the president and hear our economic message on what the Trump economic agenda is, and that's about creating growth in the US", said Mr. Mnuchin.

They include faster-than-expected USA interest rate increases, which could affect some developing economies by triggering an outflow of capital and investment, and China's reliance on excessively rapid credit expansion for growth. -Canada trade relationship is to both economies.

"We reaffirm our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic policy objectives, using domestic instruments and we will not target exchange rates for competitive purposes", it said, underlining the importance of refraining from competitive devaluations.

Trade had been left off the official agenda, the Financial Times reported, to avoid the controversial issue of protectionism, which has led to diplomatic friction between the members and the administration of U.S. President Donald Trump.

The United States believes the world's other rich economies are getting used to the policy plans of President Donald Trump, but Europe and Japan remain anxious about Washington's shift.

They also vowed to cooperate more against cyber crime, finance the global anti-terror fight, and promote a fair tax system including digital economy.

"Of course we recognize that there are different starting points, different views in different countries", the chair of the talks, Italian Finance Minister Pier Carlo Padoan, told Bloomberg Television, adding that "this is not an obstacle to reaching a common perspective".

Meanwhile, the Group of 7 (G7) countries - consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States - said they were not going to be caught flatfooted again.

The group's agreements aren't legally binding; instead, they represent the leaders' political commitment to follow through.

The Italian delegation, which is responsible for all of this year's G7 meetings including a summit of global leaders in Sicily in May, had sought to avoid a repeat of the scrap that broke out between the USA delegation and everyone else in the room - bar Japan - at the G20 meeting held between finance ministers and central bank governors in Baden-Baden in March.

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