The G20 said everything and committed to nothing. The Gulf should pay attention
The G20 finance ministers concluded their Asheville meeting on Tuesday without a joint communique. Because G20 communiques require consensus, China’s opposition left the US, as host, to issue a chair statement reflecting the position of the other 19 members. In his closing remarks, US Treasury Secretary Scott Bessent identified the barriers to growth confronting the Finance Track: excessive…
The G20 finance ministers met in Asheville, but did not reach a consensus in a joint communique. China's opposition left the US to issue a chair statement representing the 19 other members. US Treasury Secretary Scott Bessent identified barriers to growth as excessive regulation, poorly designed tax systems, inadequate investment, fragmented markets, and skill gaps.
The Gulf relies on tax certainty, energy certainty, and regulatory certainty for its post-oil diversification strategy. In Iran, the US is imposing financial sanctions, including on Egypt's Banque Misr, due to Iran's leverage through the Strait of Hormuz. The US is turning to the dollar system to address Iran's oil exports. Gulf executives and finance ministers attended the meeting for the first time to discuss regulatory fragmentation, tariff uncertainty, volatile energy costs, and sovereign debt.
However, China did not endorse the US position, which could complicate the September G20 meeting between Xi Jinping and President Trump. Russia's absence from the family photograph and limited engagement further complicates the situation. The next dates to watch are September 15-16 for the Federal Reserve meeting and September 24 for Xi Jinping's visit to Washington.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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