Final declaration adopted by result of G20 summit

Final declaration adopted by result of G20 summit

The G20 summit has ended in Osaka.

According to Report, following the two-day meeting, the leaders of the G20 member countries adopted a joint declaration in which they confirmed their commitment to “sustainable and balanced economic growth”, supported the need for WTO reform, agreed on cross-border information exchange for sustainable growth, noted the need for measures to fight climate change.

"Building on work done by previous presidencies, we will strive to create a virtuous cycle of growth by addressing inequalities and realize a society where all individuals can make use of their full potential. We are resolved to build a society capable of seizing opportunities, and tackling economic, social and environmental challenges, presented today and in the future, including those of demographic change. 

We will further lead efforts to foster development and address other global challenges to pave the way toward an inclusive and sustainable world, as envisioned in the 2030 Agenda for Sustainable Development", - mentioned in the Declaration.

"Global growth appears to be stabilizing, and is generally projected to pick up moderately later this year and into 2020. This recovery is supported by the continuation of accommodative financial conditions and stimulus measures taking effect in some countries. However, growth remains low and risks remain tilted to the downside. Most importantly, trade and geopolitical tensions have intensified. We will continue to address these risks, and stand ready to take further action."

The leaders of G20  reaffirmed  their commitment to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks, by stepping up our dialogue and actions to enhance confidence: "Fiscal policy should be flexible and growth-friendly while rebuilding buffers where needed and ensuring debt as a share of GDP is on a sustainable path. Monetary policy will continue to support economic activity and ensure price stability, consistent with central banks’ mandates. Central bank decisions need to remain well communicated. Continued implementation of structural reforms will enhance our growth potential. 

Global current account imbalances have narrowed in the aftermath of the global financial crisis, notably in emerging and developing economies and they have become increasingly concentrated in advanced economies. However, they remain large and persistent, and stock positions continue to diverge". 

Innovation: Digitalization, Data Free Flow with Trust  was proposed during the summit.

" Innovation is an important driver for economic growth, which can also contribute to advancing towards the SDGs and enhancing inclusiveness. We will work toward achieving an inclusive, sustainable, safe, trustworthy and innovative society through digitalization and promoting the application of emerging technologies. We share the notion of a human-centered future society, which is being promoted by Japan as Society 

As digitalization is transforming every aspect of our economies and societies, we recognize the critical role played by effective use of data, as an enabler of economic growth, development and social wellbeing. We aim to promote international policy discussions to harness the full potential of data. 

Cross-border flow of data, information, ideas and knowledge generates higher productivity, greater innovation, and improved sustainable development, while raising challenges related to privacy, data protection, intellectual property rights, and security", - mentioned in the Declaration.

The leaders also reaffirmed their  commitment to further strengthening the global financial safety net with a strong, quotabased, and adequately resourced International Monetary Fund (IMF) at its center, committed to play a leading role in the global efforts to prevent and fight against corruption, as well as promoting integrity, by implementing the G20 Anti-Corruption Action Plan 2019-2021 while strengthening synergies among related international instruments and mechanisms; addressed the gender gap in unpaid care work which remains a major obstacle to women’s participation in the labour market. 

"We commit to take further action to improve the quality of women’s employment, reduce gender pay gaps, and end all forms of discrimination against women and combat stereotypes and to recognize women as agents of peace, and in the prevention and resolution of conflict", - said in the document.

It is noted that the next G20 summits will be held in Saudi Arabia in 2020, in Italy in 2021 and in India in 2022.

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