The G20 discussed the question of Chinese overcapacity during its 2016 meeting and asked the Organisation for Economic Cooperation and Development (OECD) to monitor efforts to curb supply, but to little avail.
No progress on GAFA
The OECD, which often serves as the operational arm of the G20, is struggling on another thorny issue—the taxation of the world's tech giants, the so-called GAFA.
The acronym refers to the four behemoths of the digital industry: Google, Amazon, Facebook and Apple, whose tax optimisation practises are regularly a source of friction between the US and its allies.
The United States said Friday it "firmly opposes" any new tax on big tech, and the Paris-based OECD warned there were "divergent views about how the issue should be approached."
Britain, France, Germany, Italy and Spain—the EU's five G20 members—are pushing first for a European solution that can set an example for the rest of the world.
The European Union wants "big tech" to be taxed on overall revenue in the EU and not just on profits, somewhere between two percent and five percent according to a draft proposal obtained by AFP.
In Buenos Aires, ministers and central bank chiefs will also discuss the question of imposing greater oversight on cryptocurrencies.
The draft of the final communique mentions the usual pledge on devaluations and exchange rates: "We will refrain from competitive devaluations, and will not target our exchange rates for competitive purposes."
But the word protectionism is conspicuous by its absence from the text, replaced by a warning to countries not to "retreat to inward looking policies".