Treasurer Scott Morrison will urge his G20 colleagues to keep markets open amid concerns about a trade war involving the US, China and Europe.
Mr Morrison will travel to Buenos Aires, Argentina, this weekend for a G20 finance ministers and central bank governors meeting ahead of the leaders’ summit in November.
He said while global economic growth remained robust, risks were increasing.
‘The meeting will take place against the backdrop of ongoing financial vulnerabilities in emerging market economies and global trade tensions,’ Mr Morrison said.
‘Economic integration from open trade and investment has benefited Australia greatly. I will use the meeting to stress to my colleagues the importance of keeping markets open.
‘History is clear: when trade barriers go up, growth and jobs go down.’
Another key issue for Australia will be getting a global deal on taxing the digital economy.
‘The G20 needs to work together to ensure that large digital multinationals pay their fair share of tax,’ Mr Morrison said.
As well, Mr Morrison will meet one-on-one with US Treasury Secretary Steven Mnuchin, UK Chancellor Philip Hammond, Canadian Finance Minister Bill Morneau, Netherlands Finance Minister Wopke Hoekstra, the President of the European Central Bank Mario Draghi and IMF chief Christine Lagarde.