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POLICY MAKERS=G20  SUMMIT

G20 is the annual meet by the top 20 economically rich countries(having 80% total trade volume& 2/3 of population)at global platform to discuss about economic reforms and financially stability and sustainability which is based upon the higher investment ,trust & transparency and on regulation of market polices and practice.

Main motive is to strengthen the growth(growth in a sustainable way =debt free growth) and Development which is implemented through St Petersburg Action Plan=  strategies to achieve strong, sustainable and balanced growth and boost economic activities, support the recovery and address near-term risks to the outlook.

MAJOR CHALLENGES IN GLOBAL ECONOMIC-

Fiscal unsustainability.

Unemployment and underemployment particular among the young people.

Cross border tax evasion& erosion due to corruption.

Inclusive growth=0

Financial market fragmentation in Europe=impact on money outflow. (in case of developing countries it cause financial tightening,volatile money outflow,commodity price volatility)

Monetary policy stability (as in recent cases due to federal reserve of USA ,monetary  policy tighten suddenly causes Rupee depreciation in India).

Incomplete rebalancing of global demand.

Insufficient levels of private investment in many countries due to continuing market uncertainties, as well as internal rigidities.

G20 MEETINGS AND THEIR CONCLUSION-

2008-Washington DC(1st meeting)	provide liquidity, strengthen the capital of financial institutions. short-term liquidity facility. Promoting Integrity in Financial Markets. Reinforcing International Cooperation & Financial Institutions. reducing systemic risks in credit derivatives markets.
2009-London	restore confidence, growth, and jobs. repair the financial system to restore lending. strengthen financial regulation to rebuild trust. reform our international financial institutions to overcome crisis.
2009: Pittsburgh	Framework for Strong, Sustainable, and Balanced Growth. Strengthening the International Financial Regulatory System. Reforming in Mission and Governance of the IMF.
2010: Toronto	Financial Sector Reform. International Financial Institutions and Development. Fighting Protectionism and Promoting Trade and Investment. Capital and Liquidity. Financial Market Infrastructure and Scope of Regulation.
2010: Seoul	Seoul Development Consensus for Shared Growth. Fossil Fuel Price Volatility. G20 Anti-Corruption Action Plan. Multi-Year Action Plan on Development Infrastructure. Private Investment and Job Creation assures for regional integration.
2011: Cannes	Strengthening IMF surveillance. Implementing and deepening Financial sector reforms. Cannes Action Plan for Jobs and Growth. Strengthening the Medium-Term Foundations for Growth.
2012:Los Cabos, Mexico	green infrastructure, energy andwater efficiency. financing the fight against climate change. Decentralized WastewaterTreatment Plant.

2014 G20 SUMMIT-HOSTED IN TROIKA & AUSTRALIA WILL CHAIR THE G20.

2013 St.Petersburg-IMPLEMENTATION & CONCLUSION ..in detail..

 

MAJOR IMPLEMENTATION DURING 8TH G20 SUMMIT 2013-

1.GROWTH THROUGH JOBS(in case of INDIA ,JOBS instead of quality jobs is worth..:D)-

Major contribution of the B20 and the L20.(B20 is the business community for shares in investments and creating new jobs.)

Improve business environment and stimulate the creation of more jobs.

To make targeted reforms in product and labour market.

Government initiatives and policies-(through financial investment& coordination) RECENTLYministry of labour and employment & ministry of finance came upon to share a platform to make new reforms and create more and more sustainable jobs & growth.

Improve job quality=working conditions, wage bargaining frameworks through national wage-setting systems, and access to social protection.

Integrating the national policies => create quality growth through the higher production.

G20 Task Force on Employment-ways to address labour market and employment challenges &source of information for the economic analyses.

2.FINANCING FOR INVESTMENT=GROWTH RATE INCREASE

Long term investment=>sustainable growth=>job creation.

Follow work plan prepared by G20 study groupfor well-founded, evidence-based policy initiatives.

Government to promote policies(prudent risk-taking) => promote & encourage institutional investors to finance long term investment.

Project preparation funds-transparency in the prioritization, planning, and funding of investment projects, especially in infrastructure.

Public private partnership.

 

3.ENHANCING MULTILATERAL TRADE=

Free trade and investment(i.e transparent through WTO)=restoring global growth & sustainable development.(until the end of 2016-being fully committed to further progress in removing barriers and impediments to global trade and investment & to roll back new protectionist measures.)SUCCESSFUL OUTCOMES-

WTO Ministerial Conference (MC9)	In Bali	trade facilitation elements of agriculture and development issues
Doha Development Agenda negotiations	In Doha	new confidence in successful post-Bali Doha round negotiations.

Regional trade agreements(RTAs)=advancing towards more transparency in multilateral trade.

Transparency in Trade (TNT)= which will provide for open use of the trade policy data and analysis system to identify new trade opportunities and facilitate trade flows.

 PARTNERS ARE=

Global Value Chains (Gvcs)= GVCs for growth, industrial structure, development and job creation.

 

 

4.HANDLE TAX AVOIDANCE=Promote Transparency

G20/OECD BEPS project-Reduce artificially shifting profits to low-tax jurisdictions.

Multilateral and bilateral exchange of information.

The Development Working Group in conjunction with the Finance Track.

5.INTERNATIONAL FINANCIAL ARCHITECTURE-

ratification of the 2010 IMF Quota and Governance Reform

IMF-RFA cooperation(International Mutual Funds –Regional Financing Arrangement)=>Financial Ministry and Central Banks to follow such norms.

Public Debt Management-need for raising, managing, and retiring public debt, including on state guarantees.

IMF-World Bank Debt Sustainability =Framework for Low-Income Countries=> promote sustainable financing and sustainable growth and development through appropriate channels.

local currency bond markets (LCBMs).

6.Promoting Development=adopted at Seoul Multi-Year Action Plan on Development (MYAP) in 2010

strong, sustainable, inclusive and resilient growth and narrowing the development gap.

Food Security=>1.Secure Nutrition Knowledge Platform.

2.Food Security through Social Safety Nets&Risk Management.

Infrastructure-Assessment of Project Preparation Facilities (PPFs) for Infrastructure in Africa.

Financial Inclusion-Global Partnership for Financial Inclusion (GPFI)to strengthen financial inclusion.

Human Resource Development-Global Public-Private knowledge sharing platform on skills for employment.

Inclusive Green Growth-G20 Dialogue Platform on Inclusive Green Investmentsfor sustainable development and poverty eradication.

Saint Petersburg Accountability Report on G20 Development Commitments= progressive achievement

 

NAME-ANAM SINGLA

REFERENCE -G20 LEADERS’ DECLARATION 2013(case study)

EUCO press report

                       B20–G20 PARTNERSHIPFOR GROWTHAND JOBS (case study)