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Indonesian Prez laments global trade tensions

Nusa Dua: Indonesian President Joko Widodo on Friday took aim at tensions between big economies like the US and China, saying trade wars are an invitation to destruction.

In Pic: Indonesian President Joko Widodo

Widodo said sparring between big powers was causing turmoil in financial markets at a time when attention should be focused on slowing growth and disruptions from new technologies.

"The balance of powers and the alliance among major economies are breaking down. Weakness in coordination and cooperation has caused many problems including the dramatic rise in the price of crude oil and turmoil in the currency market of the developing economies," Widodo said.

"When the great houses are busy fighting each other, they fail to realise the upcoming threat from the north in the shape of an evil winter, which wants to destroy the world with ice and destruction. With that threat, they have to finally realise that it is not important to sit on the iron throne but to unite power to defeat the evil winter," he added.

Also Read: Imports, exports rising despite trade tensions: China

He spoke at a meeting of the International Monetary Fund (IMF) and World Bank in Bali, Indonesia, that comes amid an unnerving spate of turmoil in world financial markets.

In an allusion to the popular TV series "Game of Thrones", Widodo said victory is pointless in a "sinking world".

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Finance ministers and central bank governors of the Group of 20 industrial nations were due to issue a statement on their talks later Friday.



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