G20 Buenos Aires Meet 2018


Ajit Kumar AJIT KUMARWISDOM IAS, New Delhi.


G20 leaders met in Buenos Aires, Argentina on 30 November and 1 December 2018. They adopted a declaration focusing on the future of work, infrastructure for development, a sustainable food future and on gender equality.

Donald Tusk, President of the European Council, and Jean-Claude Juncker, President of the European Commission, represented the EU at the summit. Argentina's President, Mauricio Macri, hosted the summit.
The EU was an important advocate of multilateralism and the international rules-based trade at the summit.
The 2018 edition marked the 10th anniversary of an international forum setup to better coordinate economic and financial policies in response to the global crisis in 2008.
The summit was also an opportunity to build a positive trade agenda and to reconfirm political support among G20 leaders to reform the World Trade Organisation (WTO) in order to improve its efficiency and functioning.

Global challenges were also on the agenda. Leaders focused on the fight against climate change. 

They noted the outcome of the last IPCC report ahead of the COP24 meeting in December 2018. Signatories of the Paris Agreement reconfirmed their commitment to its full implementation.

They also discussed sustainable development, including the 2030 agenda and sustainable development goals. They confirmed they will continue to work together to seek a consensus-based solution to address the impacts of the digitalisation of the economy on the international tax system with an update in 2019 and a final report by 2020.
The G20 leaders condemned terrorism in all its forms and manifestations. They committed to the full implementation of The Hamburg G20 Leaders Statement on Countering Terrorism.



EU coordination meeting


The leaders of the EU countries present at the G20 held their coordination meeting in the margins of the summit. In the context of the killing of the Saudi journalist Jamal Khashoggi, they agreed the urgent need to establish what happened on 2 October 2018.

Ahead of the summit, President Tusk urged the G20 leaders to address pressing issues such as trade wars and the Russian aggression in Ukraine:

"I see no reason why the G20 leaders shouldn’t have a meaningful discussion about solving these problems. Especially because all the instruments lie in their hands. The only condition is good will. We also cannot underestimate other issues which remain difficult for some leaders, such as human rights, freedom of press and basic safety of journalists."



 



India’s Nine-Point Agenda To G20 


Buenos Aires: India on November 30, 20118  presented a nine-point agenda to G20 countries, calling for “strong and active cooperation” among them to comprehensively deal with fugitive economic offenders.
 
Prime Minister Narendra Modi presented the agenda in the second session of the G20 Summit on international trade, international financial and tax systems.

“Cooperation in legal processes such as effective freezing of the proceeds of crime, early return of offenders and efficient repatriation of the proceeds of crime should be enhanced and streamlined,” the agenda read.

India also called for joint efforts by G20 countries to form a mechanism that denies entry and safe havens to fugitive economic offenders.

“Principles of United Nations Convention Against Corruption (UNCAC), United Nations Convention Against Transnational Organized Crime (UNOTC), especially related to ‘International Cooperation’ should be fully and effectively implemented,” it said.

India suggested that the Financial Action Task Force (FATF) should be called upon to assign priority and focus on establishing international cooperation, leading to timely and comprehensive exchange of information between competent authorities and financial intelligence units.

“FATF should be tasked to formulate a standard definition of fugitive economic offenders. FATF should also develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with fugitive economic offenders to provide guidance and assistance to G20 countries, subject to their domestic law,” it said.

The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system. India also advocated setting up of a common platform for sharing experiences and best practices, including successful cases of extradition, gaps in existing systems of extradition and legal assistance, among others.

The agenda said the G-20 forum should consider initiating work on locating properties of economic offenders with tax debts in the countries of their residence for recovery.



India’s Nine-Point Agenda To G20 


(1) Strong and active cooperation across G-20 countries to deal comprehensively and efficiently with the menace fugitive economic offenders.

(2) Cooperation in the legal processes such as effective freezing of the proceeds of crime; early return of the offenders and efficient repatriation of the proceeds of crime should be enhanced and streamlined.

(3) Joint effort by G-20 countries to form a mechanism that denies entry and safe havens to all fugitive economic offenders.

(4) Principles of United Nations Convention Against Corruption (UNCAC), United Nations Convention Against Transnational Organized Crime (UNOTC), especially related to “International Cooperation” should be fully and effectively implemented.

(5) Financial Action Task Force (FATF) should be called upon to assign priority and focus to establishing international co-operation that leads to timely and comprehensive exchange of information between the competent authorities and FIUs.

(6) FATF should be tasked to formulate a standard definition of fugitive economic offenders.

(7) FATF should also develop a set of commonly agreed and standardized procedures related to identification, extradition and judicial proceedings for dealing with fugitive economic offenders to provide guidance and assistance to G-20 countries, subject to their domestic law.

(8) Common platform should be set up for sharing experiences and best practices including successful cases of extradition, gaps in existing systems of extradition and legal assistance, etc.

(9) G-20 Forum should consider initiating work on locating properties of economic offenders who have a tax debt in the country of their residence for its recovery.



India to Host G20 Summit In 2022



Prime Minister Narendra Modi on December 1 announced that India will host the G-20 summit in 2022, the year the country would celebrate the 75th anniversary of its Independence.



About the G20 presidency


Argentina currently holds the G20's presidency. Its theme is "building consensus for fair and sustainable development' with 4 key priorities:
(i) the future of work
(ii) infrastructure for development
(iii) food security
(iv) gender equality



Background


The G20 brings together 19 countries plus the EU. G20 members account for over 80% of the world's gross domestic product (GDP) and they host almost two-thirds of the world’s population.
The G20 was established in 2008 amidst the global financial crisis to increase international economic cooperation. Since then, G20 members have been meeting annually to discuss a wide range of issues related to economic and financial cooperation.



The EU as a G20 member


The European Union is a full member of the G20 alongside four of its member states: France, Germany, Italy and the United Kingdom. In addition, Spain is a permanent invitee of the G20.
G-20 members comprise Argentina, Australia, Brazil, Canada, China, the European Union, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US. 
The EU has its own seat at the G20 table as it is one of the largest global economic areas with specific competences in trade matters, economic policy and financial regulation, development, energy and climate change.
G20 The Group of Twenty (G20) is the premier forum for international economic cooperation and decision-making. It is a forum for the governments and central bank governors from 20 major economies on economic issues and other important development challenges. It was started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the South-east Asian (Tiger economies) financial crisis. It was established for studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability. In 2008, the first G20 Leaders’ Summit was held in Washington DC, US. The group had played a key role in responding to the global financial crisis.






Sunday, 02nd Dec 2018, 04:52:26 PM

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