12th G20 Summit 2017


In the 12th G20 Summit held in Hamburg, the leaders of the G20 countries has agreed for taking concrete steps to stop funding of the terror activities. The leaders have also pledged for a joint crackdown on the global scourge of terrorism and check its funding sources.
Responding to Prime Minister Narendra Modi’s call for united action against terrorism and elimination of terrorist safe havens, the G20 countries strongly condemned all terrorist attacks worldwide and pledged greater coordination to counter the menace.
Earlier Prime Minister Modi in the G20 Summit had called for a concerted global crackdown against countries that support terrorism for their own political goals. The leaders also agreed to facilitate swift action and targeted exchange of information between intelligence, law enforcement and judicial authorities.
The G20 leaders have also called upon the private sector including the communication firms to curb the misuse of the internet for terror propaganda. Further, the leaders have also pledged to ensure terrorists are brought to justice. Further, the G20 leaders reiterated their resolve to make the international financial system entirely hostile to terrorist financing. The leaders have also called for taking strong measures against the terrorist organisation like ISIS/ISIL/Daesh, Al Qaida etc.

Sharing the Benefits of Globalisation

Prospering Global Economy: Current growth prospects are encouraging, though the pace of growth is still weaker than desirable. We reaffirm our commitment to international economic and financial cooperation to further strengthen growth and safeguard against downside risks. We will continue to use all policy tools – monetary, fiscal and structural – individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth, while enhancing economic and financial resilience. Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks’ mandates. Fiscal policy will be used flexibly and be growth-friendly while ensuring debt as a share of GDP is on a sustainable path. We reinforce our commitment to structural reforms. We reaffirm our previous exchange rate commitments. We will strive to reduce excessive global imbalances in a way that supports global growth. We will promote greater inclusiveness, fairness and equality in our pursuit of economic growth and job creation. To these ends, we endorse the Hamburg Action Plan.

Trade and Investment: International trade and investment are important engines of growth, productivity, innovation, job creation and development. We will keep markets open noting the importance of reciprocal and mutually advantageous trade and investment frameworks and the principle of non-discrimination, and continue to fight protectionism including all unfair trade practices and recognise the role of legitimate trade defence instruments in this regard. We will strive to ensure a level playing field, in particular by promoting a favourable environment for trade and investment in this regard. We further reaffirm the importance of transparency for predictable and mutually beneficial trade relations. To this end, we value the monitoring activities by the WTO, UNCTAD and OECD within their existing mandates. We commit to further strengthen G20 trade and investment cooperation. We call on the OECD, WTO, World Bank Group and IMF to continue their work to better understand trade impacts and report back to G20 Leaders in 2018.

We recognise that the benefits of international trade and investment have not been shared widely enough. We need to better enable our people to seize the opportunities and benefits of economic globalisation. We agree to exchange experiences on the mitigation of the adjustment costs of trade and investment liberalisation and technological change, and on appropriate domestic policies, as well as to enhance international cooperation towards inclusive and sustainable global growth.

We underline the crucial role of the rules-based international trading system. We note the importance of bilateral, regional and plurilateral agreements being open, transparent, inclusive and WTO-consistent, and commit to working to ensure they complement the multilateral trade agreements. We welcome the entry into force of the WTO Trade Facilitation Agreement and call for its full implementation including technical assistance to developing countries. We commit to work together with all

WTO members to make the eleventh WTO Ministerial Conference a success. To further improve the functioning of the WTO, we will cooperate to ensure the effective and timely enforcement of trade rules and commitments as well as improve its negotiating, monitoring and dispute settlement functions.
International investment can play an important role in promoting inclusive economic growth, job creation and sustainable development, and requires an open, transparent and conducive global policy environment. We will seek to identify strategies to facilitate and retain foreign direct investment.

Excess Capacities: Recognising the sustained negative impacts on domestic production, trade and workers due to excess capacity in industrial sectors, we commit to further strengthening our cooperation to find collective solutions to tackle this global challenge. We urgently call for the removal of market-distorting subsidies and other types of support by governments and related entities. Each of us commits to take the necessary actions to deliver the collective solutions that foster a truly level playing field. Therefore, we call on the members of the Global Forum on Steel Excess Capacity, facilitated by the OECD, as mandated by the Hangzhou Summit, to fulfil their commitments on enhancing information sharing and cooperation by August 2017, and to rapidly develop concrete policy solutions that reduce steel excess capacity. We look forward to a substantive report with concrete policy solutions by November 2017, as a basis for tangible and swift policy action, and follow-up progress reporting in 2018.

Sustainable Global Supply Chains: Global Supply Chains can be an important source of job creation and balanced economic growth. However challenges for achieving an inclusive, fair and sustainable globalisation remain. In order to achieve sustainable and inclusive supply chains, we commit to fostering the implementation of labour, social and environmental standards and human rights in line with internationally recognised frameworks, such as the UN Guiding Principles on Business and Human Rights and the ILO Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy. Those countries that adhere to the OECD Guidelines for Multinational
Enterprises (OECD MNE Guidelines) commit to fostering them and welcome others to follow.

Saturday, 08th Jul 2017, 07:06:16 PM

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