G20 puts growth, fair trade in focus

Asheville, Aug 31 (IANS) Economic growth, fair trade, resilient supply chains and investment will anchor the G20 finance meetings in Asheville as the United States seeks closer cooperation with its allies and partners, a senior Treasury official has said.

Assistant Secretary for Treasury Chris Pilkerton said the discussions would move beyond broad global economic issues and examine how international cooperation could benefit businesses, workers and local communities.

In an exclusive interview with IANS, Pilkerton said the meetings would provide an opportunity to discuss trade and foreign direct investment in the United States.

“What we’re also bringing to Asheville are important conversations, not just about trade and the opportunity to work together with our partners and allies, but also the opportunity to have foreign direct investment into the United States,” he said.

Pilkerton said economic growth would be a major theme of the meetings. The United States wants trade arrangements to operate effectively and address imbalances that have developed over several years.

“We want to ensure that those trade partnerships are working and are working effectively and are fair and that they’re free trade that we can do well together, and really deal with some of the trade imbalances that have occurred over, you know, the last many years,” he said.

The G20 meetings are also expected to examine supply-chain vulnerabilities. Pilkerton said the Trump administration had prioritised bringing supply chains back to the United States and identifying specific gaps that could prevent American companies from expanding.

“The supply chain issues are really important to the United States, and the president has had a great record of onshoring supply chains,” he said.

Pilkerton cited the Treasury’s Strategic Vendor Program, under which officials engage with companies reviewed by the Committee on Foreign Investment in the United States and ask them to identify critical equipment or property needed for further growth.

He said addressing even a single missing component could help a company expand, recruit more workers and generate wider economic development.

The meetings will also provide a forum for discussions on technological innovation. Pilkerton identified artificial intelligence, quantum technology, hypersonics, biotechnology and the space economy as areas in which the United States was seeing rapid advances.

He said Washington wanted to cooperate with partners and allies in these fields while remaining alert to national security risks associated with the possible dual use of sensitive technologies.

Financial literacy is another issue expected to receive attention. Pilkerton said Treasury Secretary Scott Bessent was passionate about the subject and viewed it as an important part of strengthening opportunities for individuals and communities.

“The conversations that we’re talking about here are not just global in nature, but how we can impact individual communities,” he said.

The gathering is also expected to deliver an immediate economic benefit to Asheville. Pilkerton said the G20 would bring about $20 million in economic development to the North Carolina city.

He highlighted Asheville’s recovery after being affected by a hurricane and said showcasing that progress was a priority for the Treasury Secretary.

“The G20 is a very special place, and particularly given the fact that it’s here in Asheville, North Carolina,” Pilkerton said.

The G20 comprises the world’s largest advanced and emerging economies and serves as a leading forum for international economic cooperation. Its finance track brings together finance ministers and central bank officials to discuss global growth, financial stability, development and other cross-border economic challenges.

The United States assumed the G20 presidency after South Africa. The Asheville finance meetings form part of the US-led agenda and precede further ministerial and leaders-level engagements during its presidency.

–IANS

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