The G-20 is the world’s premier forum for economic policy cooperation where leaders representing economics generating 85% of global GDP assemble around the table to promote strong, sustainable and balanced growth and to address urgent global economic challenges. It takes place on 15th-16th November 2014.
The Brisbane G-20 Summit the eight that president Obama has attended since taking office focused on growth and jobs. with the global economic recovery still fragile, G-20 leaders sent a clear signal of their commitment to take decisive steps, recognizing that the global economy is being held back by a shortfall in demand. G-20 leaders announced a Brisbane action plan of individual country commitments and collective actions that could increase the G-20’s combined output by 2.1% or more over the next five years.
Members of G-20 Summit-
G-20 members include the G8 countries, namely USA, Japan, Germany, UK, France, Italy, Canada, And Russia, and 11 emerging and developing countries namely, Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Korea, South Africa and Turkey, And the EU. the European Union is represented by the president of the European Council and by the European Central Bank.
Significant Agreements of G-20 2014-
1. Building a stronger Global Economy through Jobs and Growth:
The United State is a major source of the strength in the global economy, with 56 straight months of private sector job growth creating 10.6 million jobs. the administration’s comprehensive response to the economic crisis including through macroeconomic and structural policies has laid the foundation for growth in the united states.
the pace of global economic growth and job creation, however has disappointed since the recovery from recession began in 2009. economic activity in advanced countries has been particularly weak while growth in emerging markets is uneven. As the G-20 leaders acknowledged, there is a shortfall in global demand.
2. Increasing Infrastructure Investment:
A key constraint to growth across the G-20 is inadequate infrastructure. at the same time, infrastructure investment creates construction jobs and can provide a strong impetus to growth. this year, the G-20 launched a global infrastructure initiative, paired with a new global infrastructure hub that will be based here in Australia, to help into the large pool of potential private financing for infrastructure investment.
3. Female Labor force participation-
the G-20 made a new commitment to bring more women into the work force and improve the quality of their jobs. All G-20 countries committed to reduce the gap between the share of men and women in the workforce by 25% by 2025.
4. Fighting Corruption-
The G-20 taken significant steps over the last four years to fight the scourge of corruption in our own countries and overseas. In Brisbane, leaders adopted a two year plan to strengthen enforcement, enhance transparency, and facilitate the recovery of assets stolen by corrupt officials. this include meaningful steps to ensure that corrupt actors cannot exploit our financial and legal systems. the G-20 also reached a significant agreement to end the abuse of anonymous shell companies by endorsing implementation of “Beneficial Ownership” principles. the G-20 will work to ensure to corrupt actors can no longer use these shell companies to evade taxes or launder the proceeds of their crimes, and the administration has proposed legislation to end the use of anonymous shell companies in the U.S.
5. Remittances and Financial inclusion-
G-20 leaders today agreed on a set of concrete steps that will reduce the cost of sending money home for people working overseas. these remittances are a life-line for millions of people in the developing world and a critical source of development financing for emerging and developing economies. this action plan will lower the cost of remittances to an average of 5% by increasing competition and expanding access to money transfer services, making the financial system more inclusive for billions of people and again demonstrating the G-20’s capacity to make the global economy work better for everyone.
6. Enhancing energy efficiency and addressing climate change-
G-20 leaders increased their commitment to energy and climate change through energy deliverables and a strong endorsement of the need for action to address climate change, leaders agreed to:
* Endorse a new set of principles on energy collaboration.
* An energy efficiency action plan that will guide efficiency work in six important sectors.
* Reaffirm the G-20 commitment to rationalize and phase out inefficient fossil fuel subsidies.
* Send a clear signal that G-20 Leaders support strong and effective action to address climate change.
7. Ebola And Global Health Security-
* The G-20 also demonstrated its ability to respond to new and fast breaking challenges to the global economy, such as the threat posed by the Ebola epidemic.
* for the countries whose economic have been devastated by this epidemic G-20 leaders also endorsed an IMF initiative to provide them with $300 million in low cost or no cost financing and debt relief.