– V.Srinivas IAS –
– G 20 A Decade in Multilateralism – Part 9 –
The Hamburg Summit of the Leaders of the G20 was held on July 7-8, 2017,to address the major global economic challenges and to contribute to global prosperity. After almost a decade of crisis management, the G20 met at a time when growth prospects were encouraging although still weaker than desirable.
The Hamburg Summit decided to take concrete actions on the three aims of building resilience, improving sustainability and assuming responsibility. Highest priority was accorded to strong sustainable, balanced and inclusive growth. Further the G20 recognized that globalization and technological change had raised living standards across the globe, but its benefits had not been shared widely enough. The Leaders of G20 also resolved to tackle the common challenges to the global community including terrorism, displacement, poverty, hunger and health threats, job creation, climate change, energy security and gender inequality as a basis for sustainable development and stability.
The leaders evolved a consensus that fiscal policy would be flexible and growth friendly, monetary policy would focus on price stability and structural reforms would continue. There was focus on the global imbalances and how best they can be addressed to support economic growth and job creation. Trade and investment were identified as important engines for growth, innovation, job creation and development. The G20 sought to develop and retain foreign direct investment.
Job creation had become a major challenge. Global supply chains were identified as an important source of job creation. Digitalization was the opportunity for creating new and better jobs. The G20 identified the need to educate and train people with the necessary skills and assist them to adapt to change in accordance with the member’s domestic framework. Further vocational education and training along with quality apprenticeship was an important element of the G20’s jobs action plan.
To build a resilient global financial system a financial sector reforms agenda was necessary. The Basel III framework for the Banking sector was to be finalized expeditiously. The international financial architecture emphasized on the need to promote sustainable financing practices. The G20 sought to further develop international tax cooperation and financial transparency.
The G20 also took up the issues of safeguarding against health crises and strengthening health systems. They also resolved to combat antimicrobial resistance. The Leaders of the G20 took note of the decision of the United States to withdraw from the Paris Agreement. The United States had announced that it would cease the implementation of its nationally determined contribution and adopted an approach that lowers emissions while supporting economic growth. Despite the United States withdrawal the Leaders of the G20 stated that the Paris Agreement was irreversible. “Investing in Climate, Investing in Growth” was the line of the G20 as it adopted the Hamburg G20 Climate and Energy Action Plan for Growth.
There was further consensus on women’s empowerment. Enhanced equal access to labor market, property, quality employment and financial services for women and men fundamental for achieving gender equality and full realization of their rights was considered a prerequisite for sustainable and inclusive growth. The G20 resolved to bring down the gender gap in labor force participation by 25 percent by 2025. The also committed themselves to improving the quality of women’s employment and women’s access to quality jobs through provision of quality education and training. Digitalization and access to ICT services were recognized as powerful catalysts for economic empowerment and inclusion of women and girls. The eSkills4Girls initiative was an important initiative to promote opportunities and equal participation for women and girls in the digital economy in low income and developing countries.
The G20 launched the Africa Partnership in recognition of the opportunities and challenges in African countries as well as the goals of the 2030 agenda. The effort was to foster sustainable and inclusive economic growth in African countries. The G20’s Africa partnership initiative was to be led by the African Development Bank and the African Union.
The road from Hamburg in 2017 led to Argentina in 2018.
G 20 A decade in multilateralism
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G20- A decade in multilateralism – A lecture by V.Srinivas IAS
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About the author
V.Srinivas IAS
Senior Bureaucrats and Author
About the authorV.Srinivas is an IAS officer of 1989 batch, currently posted as Chairman Board of Revenue for Rajasthan and Chairman Rajasthan Tax Board.
He has served as Advisor to Executive Director (India) in the IMF, Private Secretary to Finance Minister & External Affairs Minister Government of India and Planning & Finance Secretary Rajasthan.
Disclaimer : The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of INVC NEWS.
