WT/L/1053  
 
14 December 2018  
(18-7937) Page: 1/7 
 Original: English/Spanish  
 
G20 LEADERS ' DECLARATION  
BUILDING CONSENSUS F OR FAIR AND SUSTAINA BLE DEVELOPMENT  
The following communication, dated 11 December 2018, is being circulated at the request of the 
delegation of Argentina.  
 
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1. Ten years since the first G20 Leaders ' Summit we met in  Buenos Aires, Argentina, on 
30 November -1 December 2018 to build consensus for fair and sustainable development through an 
agenda that is people -centred , inclusive and forward -looking.  
2. This year we have focused on the following pi llars: the future of work, infrastructure for 
development, a sustainable food future and a gender mainstreaming strategy across the G20 
agenda.  
3. We have addressed our agenda promoting dialogue and the search for common ground. 
Building consensus requires th e commitment of the society as a whole. Our discussions have been 
enriched by our engagement with stakeholder communities.  
4. We welcome the strong global economic growth while recognizing it has been increasingly less 
synchronized between countries and some of the key risks, including financial vulnerabilities and 
geopolitical concerns, have partially materialized. We also note current trade issues. We reaffirm our 
pledge to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, a nd 
safeguard against downside risks, by stepping up our dialogue and actions to enhance confidence. 
Monetary policy will continue to support economic activity and ensure price stability, consistent with 
central banks ' mandates. Fiscal policy should rebuild  buffers where needed, be used flexibly and be 
growth -friendly, while ensuring public debt is on a sustainable path. Continued implementation of 
structural reforms will enhance our growth potential. We reaffirm the exchange rate commitments 
made by the Fin ance Ministers and Central Bank Governors last March. We endorse the Buenos Aires 
Action Plan.  
5. We renew our commitment to work together to improve a rules -based international order that 
is capable of effectively responding to a rapidly changing world.  
6. Transformative technologies are expected to bring immense economic opportunities, including 
new and better jobs, and higher living standards. The transition, however, will create challenges for 
individuals, businesses and governments. Policy responses and inte rnational cooperation will help 
ensure that the benefits of the technological transformation are widely shared. We endorse the Menu 
of Policy Options for the Future of Work which we will draw on, considering individual country 
circumstances, to: harness te chnology to strengthen growth and productivity; support people during 
transitions and address distributional challenges; secure sustainable tax systems; and ensure that 
the best possible evidence informs our decision -making.  
7. We remain committed to building  an inclusive, fair and sustainable Future of Work by 
promoting decent work, vocational training and skills development, including reskilling workers and 
improving labour conditions in all forms of employment, recognizing the importance of social 
dialogue in this area, including work delivered through digital platforms, with a focus on promoting 
labour formalization and making social protection systems strong and portable, subject to national WT/L/1053  
 
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  law and circumstances. We will continue to foster cognitive, digi tal and entrepreneurship skills, and 
encourage the collection and exchange of good practices. We will promote increasing labour force 
participation of underrepresented as well as vulnerable groups, including persons with disabilities. 
We will implement pol icies to improve the employment situation of young people, consistent with 
the G20 Antalya Youth Goal. We will take actions to eradicate child labour, forced labour, human 
trafficking and modern slavery in the world of work, including through fostering sus tainable supply 
chains. We will endeavor to further create enabling conditions for resource mobilization from public, 
private and multilateral resources, including innovative financial mechanisms and partnerships, such 
as impact investment for inclusive an d sustainable growth, in line with the G20 Call on Financing for 
Inclusive Business.  
8. Access to education is a human right and a strategic public policy area for the development of 
more inclusive, prosperous, and peaceful societies. We underline the importa nce of girls´ education. 
To equip our citizens to reap the benefits of societal and technological innovations we will promote 
coordination between employment and equitable quality education policies, so we can develop 
comprehensive strategies that promote key competences such as learning to learn, foundation and 
digital skills, in a lifelong learning perspective from early childhood. We acknowledge the need to 
foster evidence -based innovative pedagogies and methods for all levels of education.  
9. To maximize t he benefits of digitalization and emerging technologies for innovative growth 
and productivity, we will promote measures to boost micro, small and medium enterprises and 
entrepreneurs, bridge the digital gender divide and further digital inclusion, support  consumer 
protection, and improve digital government, digital infrastructure and measurement of the digital 
economy. We reaffirm the importance of addressing issues of security in the use of ICTs. We support 
the free flow of information, ideas and knowledg e, while respecting applicable legal frameworks, and 
working to build consumer trust, privacy, data protection and intellectual property rights protection. 
We welcome the G20 Repository of Digital Policies to share and promote the adoption of innovative 
digital economy business models. We recognize the importance of the interface between trade and 
the digital economy. We will continue our work on artificial intelligence, emerging technologies and 
new business platforms.  
10. Infrastructure is a key driver of ec onomic prosperity, sustainable development and inclusive 
growth. To address the persistent infrastructure financing gap, we reaffirm our commitment to 
attract more private capital to infrastructure investment. To achieve this, we endorse the Roadmap 
to Inf rastructure as an Asset Class and the G20 Principles for the Infrastructure Project Preparation 
Phase. We are taking actions to achieve greater contractual standardization, address data gaps and 
improve risk mitigation instruments. In line with the Roadmap , we look forward to progress in 2019 
on quality infrastructure.  
11. Building on the G20 Food Security and Nutrition Framework, we reaffirm our commitment to 
tackling the challenges of food security, which is crucial to achieving a world free of hunger and all  
forms of malnutrition. We will promote dynamism in rural areas and sustainable agriculture, 
conscious of the importance of sustainable soil, water and riverbanks management supported by 
individual countries voluntarily, taking into consideration the speci fic needs of family and small -
holder farmers. We encourage the voluntary use and sharing of innovative as well as traditional 
agricultural practices and technologies. We highlight the importance of collaboration among public 
and private stakeholders to str engthen risk management, facilitate adaptation to a changing 
environment, protect biodiversity and provide effective responses to reduce the impacts of extreme 
weather on agriculture. We will increase efforts to engage with the private sector, the scientif ic 
community and all other relevant stakeholders to enhance value addition, productivity, efficiency, 
sustainability and upgrading in Agro -Food Global Value Chains and encourage initiatives to reduce 
food loss and waste.  
12. Gender equality is crucial for econ omic growth and fair and sustainable development. We are 
making progress in achieving our Brisbane commitment to reduce the gender gap in labour force 
participation rates by 25% by 2025 but affirm that more needs to be done.  We will continue to 
promote in itiatives aimed at ending all forms of discrimination against women and girls and gender -
based violence. We commit to promoting women 's economic empowerment, including by working 
with the private sector, to improve labour conditions for all, such as throug h access to quality and 
affordable care infrastructure and parental leave, and reducing the gender pay gap. We also commit 
to promote women 's access to leadership and decision -making positions, the development of women 
and girls ' digital skills and increas ing their participation in STEM (Science, Technology, Engineering WT/L/1053  
 
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  and Mathematics) and high -tech sectors. We welcome the continued implementation of the Women 
Entrepreneurs Financing Initiative (We -Fi), and we thank the Business Women Leaders ' Taskforce 
for its work. Drawing from this experience, we will consider how to better engage with women 
entrepreneurs.  
13. Mobilizing sustainable finance and strengthening financial inclusion are important for global 
growth. We welcome the Sustainable Finance Synthesis Report 2018, which presents voluntary 
options to support deployment of sustainable private capital. We endorse the G20 Financial Inclusion 
Policy Guide, which provides voluntary policy recommendations to facilitate digital financial services, 
taking into account country contexts and the Global Partnership for Financial Inclusion Roadmap 
which outlines a process to streamline its work program and structure.  
14. We launch the G20 Initiative for Early Childhood Development and stand ready to join all 
stakeholders in enhancing quality and sustainably financed early childhood programs that consider 
the multidimensional approach of ECD, as means of building human capital to break the cycle of 
intergenerational and structural poverty, and of reducing inequali ties, specially where young children 
are most vulnerable.  
15. We encourage the activities of World Health Organization (WHO), together with all relevant 
actors, to develop an action plan for implementation of health -related aspects of SDGs by 2030. We 
commend  the progress made by the international community in developing and implementing 
National and Regional Action Plans on Anti -Microbial Resistance (AMR) based on One -Health 
approach. We recognize the need for further multi -sectoral action to reduce the sprea d of AMR, as 
it is increasingly becoming a global responsibility. We note the work done by the Global AMR R&D 
Hub and, drawing on this, we look forward to further examine practical market incentives. We will 
tackle malnutrition, with a special focus on chi ldhood overweight and obesity, through national, 
community -based and collaborative multi -stakeholder approaches . We reaffirm the need for 
stronger health systems providing cost effective and evidence -based intervention to achieve better 
access to health ca re and to improve its quality and affordability to move towards Universal Health 
Coverage (UHC), in line with their national contexts and priorities. This may encompass, where 
appropriate, scientifically proven traditional and complementary medicine, assur ing the safety, 
quality and effectiveness of health services. We will continue to strengthen core capacities required 
by International Health Regulations (IHR, 2005) for prevention, detection and response to public 
health emergencies, while recognizing the  critical role played by WHO in this regard. We are 
committed to ending HIV/AIDS, tuberculosis and malaria, and look forward to a successful 6° 
replenishment of the Global Fund in 2019.  
16. We note the 2018 G20 Annual International Migration and Displacement T rends and Policies 
Report prepared by the OECD in cooperation with ILO, IOM and UNHCR. We will consider how to 
continue the dialogue on these issues under the next presidency.  
17. Large movements of refugees are a global concern with humanitarian, political, s ocial and 
economic consequences. We emphasize the importance of shared actions to address the root causes 
of displacement and to respond to growing humanitarian needs.  
18. We reaffirm our commitment to leading the transformation towards sustainable development  
and support the 2030 Agenda as the framework for advancing this goal and the G20 Action Plan. 
The Buenos Aires Update outlines the G20 current collective and concrete actions towards achieving 
that Agenda, recognizing that South -South and triangular coope ration have an important role to 
implement it. We underline our continued support to the G20 Africa Partnership, including the 
Compact with Africa, and other relevant initiatives. We reaffirm our commitment to addressing illicit 
financial flows that have a  detrimental effect on domestic resources mobilization and will continue 
to take stock of progress. We endorse the G20 High Level Principles on Sustainable Habitat through 
Regional Planning.  
19. A strong economy and a healthy planet are mutually reinforcing. W e note the latest IPCC 
Special Report on the Impacts of Global Warming of 1.5 degrees centigrade. We recognize the 
importance of comprehensive adaptation strategies, including investment in infrastructure that is 
resilient to extreme weather events and dis asters. In this sense, we support actions and cooperation 
in developing countries, especially those that are particularly vulnerable, including small island states 
such as those in the Caribbean. We discussed long -term low greenhouse gas emission developme nt WT/L/1053  
 
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  strategies and alignment of international finance flows. We also shared countries´ experiences and 
considered the 2018 -2019 work program on adaptation, acknowledging that each country may chart 
its own path to achieving a low emission future. We look fo rward to successful outcomes of the 
UNFCCC COP24, and to engage in the Talanoa Dialogue.  
20. Signatories to the Paris Agreement, who have also joined the Hamburg Action Plan, reaffirm 
that the Paris Agreement is irreversible and commit to its full implementation, reflecting common 
but differentiated responsibilities and respective capabilities, in  light of different national 
circumstances. We will continue to tackle climate change, while promoting sustainable development 
and economic growth.  
21. The United States reiterates its decision to withdraw from the Paris Agreement, and affirms 
its strong comm itment to economic growth and energy access and security, utilizing all energy 
sources and technologies, while protecting the environment.  
22. We recognize the crucial role of energy in helping shape our shared future and we encourage 
energy transitions that combine growth with decreasing greenhouse gas emissions towards cleaner, 
more flexible and transparent systems, and cooperation in energy efficiency. We recognize the 
opportunities for innovation, growth, and job creation through increased investment into cleaner 
and sustainable energy sources -including renewables -, technologies and infrastructure. We 
acknowledge the role of all energy sources and technologies in the energy mix and different possible 
national paths to achieve cleaner energy systems under t he term 'transitions '. We will promote 
energy security, sustainability, resilience, efficiency, affordability and stability, acknowledging that 
there are varied sources of energy and technological advances to achieve a low emissions future. 
We continue to promote universal energy access by eradicating energy poverty, cooperating to 
provide displaced people and disaster -impacted and remote areas with access to it, and through 
enhanced implementation of G20 regional plans.  
23. Strong and effective international f inancial institutions help underpin growth and sustainable 
development. We reaffirm our commitment to further strengthening the global financial safety net 
with a strong, quota -based, and adequately resourced IMF at its centre. We are committed to 
concludi ng the 15th General Review of Quotas including a new quota formula by the Spring Meetings 
and no later than the Annual Meetings of 2019. We call on the IMF and World Bank to work with 
borrowers and creditors to improve the recording, monitoring and transpa rent reporting of public 
and private debt obligations. We look forward to the IMF review of programme conditionality and 
the review of its debt limits policy.  
24. We will continue to monitor cross border capital flows and deepen our understanding of the 
availa ble tools, so we can harness their benefits while also managing the risks and enhancing 
resilience. We will continue to take steps to address debt vulnerabilities in low income countries by 
supporting capacity building in public debt and financial manageme nt, and strengthening domestic 
policy frameworks. We will work towards enhancing debt transparency and sustainability, and 
improving sustainable financing practices by borrowers and creditors, both official and private, 
including infrastructure financing. We support ongoing work by the IMF, WBG and Paris Club on LICs 
debt and the continued efforts of the Paris Club towards the broader inclusion of emerging creditors. 
We welcome the final report of the G20 Eminent Persons Group on Global Financial Governance . 
25. An open and resilient financial system, grounded in agreed international standards, is crucial 
to support sustainable growth. We remain committed to the full, timely and consistent 
implementation and finalization of the agreed financial reform agenda, an d the evaluation of its 
effects. We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in 
the financial system; and, through continued regulatory and supervisory cooperation, address 
fragmentation. We look forward to cont inued progress on achieving resilient non -bank financial 
intermediation. We will step up efforts to ensure that the potential benefits of technology in the 
financial sector can be realized while risks are mitigated. We will regulate crypto -assets for anti -
money laundering and countering the financing of terrorism in line with FATF standards and we will 
consider other responses as needed. We thank Mr. Mark Carney for his service as FSB Chair and we 
welcome the appointment of Mr. Randal K Quarles, as Chair of  the FSB and of Mr. Klaas Knot, as 
Vice Chair.  WT/L/1053  
 
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  26. We will continue our work for a globally fair, sustainable, and modern international tax system 
based, in particular on tax treaties and transfer pricing rules, and welcome international cooperation 
to advance  pro-growth tax policies. Worldwide implementation of the OECD/G20 Base Erosion and 
Profit Shifting package remains essential. We will continue to work together to seek a consensus -
based solution to address the impacts of the digitalization of the economy on the international tax 
system with an update in 2019 and a final report by 2020. We welcome the commencement of the 
automatic exchange of financial account information and acknowledge the strengthened criteria 
developed by the OECD to identify jurisdicti ons that have not satisfactorily implemented the tax 
transparency standards. Defensive measures will be considered against listed jurisdictions. All 
jurisdictions should sign and ratify the multilateral Convention on Mutual Administrative Assistance 
in Tax  Matters. We continue to support enhanced tax certainty and tax capacity building in 
developing countries, including through the Platform for Collaboration on Tax.  
27. International trade and investment are important engines of growth, productivity, innovation , 
job creation and development. We recognize the contribution that the multilateral trading system 
has made to that end. The system is currently falling short of its objectives and there is room for 
improvement. We therefore support the necessary reform of  the WTO to improve its functioning. We 
will review progress at our next Summit.  
28. Recalling our commitments from Hangzhou and Hamburg, we welcome the concrete policy 
solutions developed by the Global Forum on Steel Excess Capacity (GFSEC), facilitated by th e OECD. 
We call on all members to implement the Berlin and Paris GFSEC Ministerial recommendations and 
commitments. We look forward to a substantive report by June 2019.  
29. We remain committed to prevent and fight corruption and lead by example. We agree on t he 
new action plan 2019 -2021 and endorse Principles on Preventing Corruption and Ensuring Integrity 
in State -Owned Enterprises and on Preventing and Managing Conflicts of Interest in the Public 
Sector. These will foster transparency and integrity in the pu blic and private sectors. We will continue 
practical cooperation to fight corruption including in line with our G20 commitments. We will further 
explore the links between corruption and other economic crimes and ways to tackle them, including 
through coope ration on the return of persons sought for such offences and stolen assets, consistent 
with international obligations and domestic legal systems. We ask relevant international 
organizations to report back to us on those issues during the next presidency. W e call for the 
effective implementation by all G20 countries of the UN Convention Against Corruption, including 
the criminalization of the bribery of foreign public officials, and  note the work towards possible 
adherence to the OECD Convention on Combating  Bribery of Foreign Public Officials in International 
Business Transactions.  
30. We reaffirm our strong condemnation of terrorism in all its forms and manifestations. We 
commit to the full implementation of The Hamburg G20 Leaders Statement on Countering Terro rism. 
We will step up our efforts in fighting terrorist and proliferation financing, and money laundering. 
We urge the digital industry to work together to fight exploitation of the internet and social media 
for terrorist purposes.  
31. We thank Argentina for its G20 Presidency and for hosting the successful Buenos Aires Summit 
and we look forward to our next meetings in Japan in 2019 and in Saudi Arabia in 2020.  
 
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  WT/L/1053  
 
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  ANNEX  
ACKNOWLEDGEMENTS  
We thank international organizations, including the Ban k for International Settlements, Financial 
Stability Board, Financial Action Task Force, International Labour Organization, International 
Monetary Fund, United Nations, World Bank Group, World Health Organization, World Trade 
Organization, Organization for  Economic Cooperation and Development, Inter -American 
Development Bank, and CAF -Development Bank of Latin America, for their reports and advice, which 
have provided valuable inputs to G20 discussions.  
 
We are recognizant to the valuable work undertaken by the G20 Engagement Groups: Business 20, 
Civil 20, Labour 20; Science 20, Think 20, Women 20 and Youth 20.  
 
 
Ministeri al Declarations and Communiqués  
 
1. Communiqué. Finance Ministers & Central Banks Governors Meeting (19 March)  
 
2. Communiqué. G20 Meeting of Energy Ministers (15 June)  
 
3. Communiqué. Finance Ministers & Central Banks Governors Meeting (22 July)  
 
4. Declaration. G20 Meeting of Agriculture Ministers (28 July)  
 
5. Ministerial Declaration . G20 Digital Economy Ministerial Meeting (24 August)  
 
6. Declaration, G20 Education Ministerial Meeting (5 September)  
 
7. G20 Joint Education & Labour and Employment Minister´s Declaration (6 September)  
 
8. Declaration G20 Ministers of Labour and Employme nt Meeting (7 September)  
 
9. Ministerial Statement. G20 Trade and Investment Ministerial Meeting (14 September)  
 
10. Global Forum on Steel Excess Capacity. Ministerial Report (20 September)  
 
11. Declaration. G20 Meeting of Health Ministers (3 October)  
 
G20 Working Groups Documents  
 
12. Buenos A ires Action Plan, November 2018  
 
13. Buenos Aires Annual Progress Report on G20 Development Commitments  
 
14.  G20 Menu of Policy Options for the Future of Work, FWG  
 
15. G20 Call on F inancing for Inclusive Business  
 
16. Roadmap to Infrastructure as an Asset Class, Argentina Presidency, 2018  
 
17. G20 Principles for the Infrastructure Project Preparation Phase, G20, IWG  
 
18. G20 High Level Principles on Sustainable Hab itat through Regional Planning  
 
19. Final Report of the International Financ ial Architecture Working Group  
 
20. G20 Policy Guide. Digitization and Informality: Harnessing Digital Financial Inclusion for 
Individuals and MSMEs in the Informal Economy, GPFI  
 
21. GPFI Work Program and Structure: A Roadmap to 20 20 WT/L/1053  
 
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  22. G20 Roadmap: A Summary of Voluntary Actions for Progressing Towards the Sustainable and 
Responsible Financial Inclusion of Forcibly Displaced Persons, GPFI  
 
23. 2018 National Remittances Plans progress report, GPFI  
 
24. 2018 Progress Report to the G 20 Leaders, GPFI  
 
25. G20 Initiative for Early Childhood Development  
 
26. The Buenos Aires Update  
 
27. G20 High -Level Principles for Preventing Corruption and Ensuring Integrity in State -Owned 
Enterprises  
 
28. G20 High -Level Principles for Preventing and Managing Conflict of Interest in the Public Sector  
 
29. Anticorruption Working G roup Accountability Report 2018  
 
30.  G20 Sustainable Finance Synthesis Report 2018  
 
31. G20 Country Experiences on Climate and Energy  
 
32. G20 Climate Sustainability Working G roup Adaptation Work Program (2018 -2019)  
 
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