Japanese Finance Minister Taro Aso on Thursday urged the Group of 20 major economies to renew their commitment to sustaining the international -order based on cooperation and openness that has come under threat from protectionism.

Speaking at a G20 meeting of deputy finance ministers and deputy central bank governors to kick off the process of financial leaders' meetings under Japan's chair, Aso warned that protectionism and unfair trade practices would undermine economic stability.

The global recovery seen in the past several years is losing steam, with clear downside risks and heightened financial vulnerabilities at a time when support for the international order based on cooperation and openness is strained, Aso said.

"Dissatisfaction with economic inequality is growing. There is a serious risk that we will revert to a closed and fragmented world," Aso said in opening remarks at the G20 gathering of deputy financial leaders.

"Protectionism and unfair trade practices lead to instability and perverse economic outcomes. We must renew our commitment to international cooperation and openness."

Japan wants to focus on issues ranging from global trade imbalances to the impact of ageing populations on the agenda when it chairs this year's G20 financial leaders meetings.

Japan will host a G20 financial chiefs' meeting in Fukuoka in western Japan on June 8-9, followed by a leaders' summit in Osaka on June 28-29.