The Group of 20 summit is under way in Buenos Aires. Illustration: iStock

“Heightened trade and geopolitical tensions” threaten global economic growth, finance ministers warned on Sunday at the Group of 20 summit in Buenos Aires, AFP reported.

In a statement, they stressed “the need to step up dialogue and actions to mitigate risks and enhance confidence” in the face of escalating global trade conflicts.

Ministers at the gathering of finance ministers and central bankers from the world’s 20 richest countries described current global economic growth as “robust” in their communique but warned that “short- and medium-term” risks “have increased.”

In addition to increasing trade tensions, the communique identified “rising financial vulnerabilities,” “global imbalances” and “inequality” as key risks.

The ministers and central bank chiefs met against a backdrop of the intensifying trade conflicts between the United States and the European Union and countries including China and Canada.