Federal Treasurer Scott Morrison has backed a rethink of the World Trade Organisation, saying the system was "built for a different time".
Amid an escalating tariff war between economic heavyweights the US, Europe and China, Mr Morrison said current WTO rules have been "unable to resolve the things that have led to these current tensions".
The US and France have called for an overhaul of the organisation, and lobbied Australia and other countries during a G20 finance ministers meeting in Buenos Aires over the weekend.
"It needs to be looked at in the broader context of how the system has failed to deal with these long-standing issues, and that's something we discussed with the Americans," Mr Morrison told The Australian Financial Review.
A final communique said although the global economy remains strong, growth is becoming "less synchronised" and risks over the short and medium terms have increased.
"These include rising financial vulnerabilities, heightened trade and geopolitical tensions, global imbalances, inequality and structurally weak growth, particularly in some advanced economies," the communique said.
"We ... recognise the need to step up dialogue and actions to mitigate risks and enhance confidence."
Mr Morrison said the ministers were very conscious of the consequences of the situation continuing.
"The latest language, I think, is suggesting a great deal of urgency about resolving these issues," Mr Morrison said.
"There has been a ground shift on this. I think the language (on open trade) previously had been ambiguous, a little sheepish."
On Friday, US President Donald Trump renewed his threat to ultimately slap tariffs on a total of $US500 billion ($A673 billion) of imports from China - roughly equal to all the goods Beijing ships annually to the US.
The US has also imposed tariffs of 25 per cent on steel and 10 per cent on aluminium, including from Europe.
