Africa: What the G20 Said on Africa

Jul 10, 2017 | All Africa

Excerpts most directly applicable to Africa drawn from the declaration of leaders of the G20 nations, issued after the leaders' summit in Hamburg on July 7 and 8

Globalisation and technological change have contributed significantly to driving economic growth and raising living standards across the globe. However, globalisation has created challenges and its benefits have not been shared widely enough. By bringing together developed and emerging market economies, the G20 is determined to shape globalisation to benefit all people. Most importantly, we need to better enable our people to seize its opportunities. We are resolved to tackle common challenges to the global community, including terrorism, displacement, poverty, hunger and health threats, job creation, climate change, energy security, and inequality including gender inequality, as a basis for sustainable development and stability. We will continue to work together with others, including developing countries, to address these challenges, building on the rules based international order. Expanding on the results of previous presidencies, in particular the 2016 G20 Summit in Hangzhou, we decide today to take concrete actions to advance the three aims of building resilience, improving sustainability and assuming responsibility... Trade and Investment... We recognise that the benefits of international trade and investment have not been shared widely enough. We need to better enable our people to seize the opportunities and benefits of economic globalisation. We agree to exchange experiences on the mitigation of the adjustment costs of trade and investment liberalisation and technological change, and on appropriate domestic policies, as well as to enhance international cooperation towards inclusive and sustainable global growth... International investment can play an important role in promoting inclusive economic growth, job creation and sustainable development, and requires an open, transparent and conducive global policy environment. We will seek to identify strategies to facilitate and retain foreign direct investment.... Sustainable Global Supply Chains Global Supply Chains can be an important source of job creation and balanced economic growth. However challenges for achieving an inclusive, fair and sustainable globalisation remain.... We will work towards establishing adequate policy frameworks in our countries such as national action plans on business and human rights and underline the responsibility of businesses to exercise due diligence. We will take immediate and effective measures to eliminate child labour by 2025, forced labour, human trafficking and all forms of modern slavery.... Harnessing Digitalisation Digital transformation is a driving force of global, innovative, inclusive and sustainable growth and can contribute to reducing inequality and achieving the goals of the 2030 Agenda for Sustainable Development. To this end, we need to bridge digital divides along multiple dimensions, including income, age, geography and gender. We will strive to ensure that all our citizens are digitally connected by 2025 and especially welcome infrastructure development in low-income countries in that regard. We will promote digital literacy and digital skills in all forms of education and life-long learning. We recognise that information and communication technology (ICT) plays a crucial role in modernising and increasing efficiency in public administration. We recognise the important role that SMEs and start-ups play in the development of a full range of new and innovative business models and will promote better access to financial resources and services and a more entrepreneurial friendly environment... International Financial Architecture We need strong, effective and representative global economic and financial institutions to underpin growth and sustainable development. As laid out in the Hamburg Action Plan, we will continue to improve the system underpinning international capital flows and emphasise the need to promote sound and sustainable financing practices. We will enhance the international financial architecture and the global financial safety net with a strong, quota-based and adequately resourced IMF at its centre.... International Tax Cooperation and Financial Transparency We will continue our work for a globally fair and modern international tax system and welcome international cooperation on pro-growth tax policies... We commend the recent progress made by jurisdictions to meet a satisfactory level of implementation of the agreed international standards on tax transparency and look forward to an updated list by the OECD by our next Summit reflecting further progress made towards implementation. Defensive measures will be considered against listed jurisdictions. We continue to support assistance to developing countries in building their tax capacity. We are also working on enhancing tax certainty and with the OECD on the tax challenges raised by digitalisation of the economy. As an important tool in our fight against corruption, tax evasion, terrorist financing and money laundering, we will advance the effective implementation of the international standards on transparency and beneficial ownership of legal persons and legal arrangements, including the availability of information in the domestic and cross border context. Read more on All Africa. Source: All Africa