The G20 Leaders’ Communiqué says global growth is “uneven and continues to fall short of our expectations, despite the positive outlook in some major economies”. It cites among the major challenges, geopolitical issues, uncertainties in financial markets, shortfall in demand, structural problems and slow productivity growth.
Leaders have responded to these challenges by reiterating their commitment to implementing “sound macroeconomic policies in a cooperative manner to achieve strong, sustainable and balanced growth”.
In order to achieve this, they have committed to implementing “fiscal policies flexibly to take into account near-term economic conditions, so as to support growth and job creation, while putting debt as a share of GDP on a sustainable path.” They will also “consider the composition of [their] budget expenditures and revenues to support productivity, inclusiveness and growth.”
A concerted approach was highlighted as a key tool in rebalancing the global economy: “We will carefully calibrate and clearly communicate our actions, especially against the backdrop of major monetary and other policy decisions, to mitigate uncertainty, minimize negative spillovers and promote transparency. Against the background of risks arising from large and volatile capital flows, we will promote financial stability through appropriate frameworks, including by ensuring an adequate global financial safety net, while reaping the benefits of financial globalization.”
On the subject of exchange rates leaders reaffirmed their previous commitments and agreed to resist all forms of protectionism.
Lifting GDP
The G20 previously set itself a target of lifting collective gross domestic product by an additional 2% by 2018. On this subject, the communiqué states that analysis by the IMF, OECD and World Bank Group indicates implementation so far “represents more than one third of our collective growth ambition”. However, the leaders have acknowledged that more needs to be done: “We will strive more and take prompt action to expedite implementation of our remaining commitments.”
In this regard, the Antalya Action Plan, represents the G20 members’ adjusted growth strategies and implementation schedules for key commitments. This, says the communiqué, “reflects our determination to overcome global economic challenges”.
In the shadow of the attacks in Paris late Friday, the G20 leaders have released a statement on tackling the global terrorism threat. They condemn the “heinous terrorist attacks in Paris” and remain united in combatting terrorism. The fight against terrorism is a major priority for all G20 countries. The G20 leaders remain committed to tackling the financing channels of terrors. They have expressed concern over the acute and growing flow of foreign terrorist fighters and the threat it poses for all states. They vow to show international cooperation and solidarity in the fight against terrorism.
At a press conference in Antalya, Turkish President Erdogan released the G20 leaders’ final communiqué. He spoke about the three pillars of implementation, inclusiveness and investment for growth, which the G20 Turkish Presidency is centred around.
He began by addressing terrorism, condemning the recent attacks in Paris and Ankara. “The conflicts and instability in different parts of the world have a direct impact on all of us,” he said in an address to the press. Erdogan spoke about Turkey feeling the impacts of the Syrian refugee crisis and called on the international community to share the burden. He added that it would be a humanitarian mistake to defer from this responsibility.
“As leaders of G20, we have made it clear that we will make the best of our efforts to help out with these refugees,” he stated.
G20 STATEMENT ON THE FIGHT AGAINST TERRORISM
We condemn, in the strongest possible terms, the heinous terrorist attacks in Paris on 13 November and in Ankara on 10 October. They are an unacceptable affront to all humanity. We extend our deepest condolences to the victims of terrorist attacks and their families. We reaffirm our solidarity and resolve in the fight against terrorism in all its forms and wherever it occurs.
We remain united in combatting terroris The spread of terrorist organizations and significant rise globally in acts of terrorism directly undermine the maintenance of international peace and security and endangers our ongoing efforts to strengthen the global economy and ensure sustainable growth and development.
We unequivocally condemn all acts, methods and practices of terrorism, which cannot be justified under any circumstances, regardless of their motivation, in all their forms and manifestations, wherever and by whomsoever committee.
We reaffirm that terrorism cannot and should not be associated with any religion, nationality, civilization or ethnic group.
The fight against terrorism is a major priority for all of our countries and we reiterate our resolve to work together to prevent and suppress terrorist acts through increased international solidarity and cooperation, in full recognition of the UN’s central role, and in accordance with UN Charter and obligations under international law, including international human rights law, international refugee law and international humanitarian law, as well as through the full implementation of the relevant international conventions, UN Security Council Resolutions and the UN Global Counter Terrorism Strategy.
We also remain committed to tackling the financing channels of terrorism, particularly by enhanced cooperation on exchange of information and freezing of terrorist assets, criminalization of terrorist financing and robust targeted financial sanctions regimes related to terrorism and terrorist financing, including through swift implementation of Financial Action Task Force (FATF) standards in all jurisdictions. We will continue to implement relevant FATF recommendations and instruments. We call on FATF to identify measures, including pertaining to legal framework, to strengthen combatting of terrorism financing and targeted financial sanctions and implementation thereof.
Our counter terrorism actions must continue to be part of a comprehensive approach based on addressing the conditions conducive to terrorism as stipulated in UN Security Council Resolution 2178, countering violent extremism, combatting radicalization and recruitment, hampering terrorist movements, countering terrorist propaganda and to prevent terrorists from exploiting technology, communications and resources to incite terrorist acts, including through the internet. The direct or indirect encouragement of terrorism, the incitement of terrorist acts and glorification of violence must be prevented. We recognize the need at all levels to work proactively to prevent violent extremism and support civil society in engaging youth and promoting inclusion of all members of society.
We are concerned over the acute and growing flow of foreign terrorist fighters and the threat it poses for all States, including countries of origin, transit and destination. We are resolved to address this threat by enhancing our cooperation and developing relevant measures to prevent and tackle this phenomenon, including operational information-sharing, border management to detect travel, preventive measures and appropriate criminal justice response. We will work together to strengthen global aviation security.
The continued and recent terrorist attacks all across the world have shown once again the need for increased international cooperation and solidarity in the fight against terrorism. We will always remember the victims of these attacks.
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