Lok Sabha Question No. 2111 (UNSTARRED), answered on 2015-12-11
Subject: G-20 Summit
Ministry: FINANCE
Asked by: T.G. VENKATESH BABU

## 2111:

.:

Will the Minister of F NANCE be please to state:

- (A) whether ndia was a participant  in the G-20 Summit held in Turkey  recently;
- (B) if so, the details of the discussion  held, agreements  signed and issues identified for further cooperation  by the participating country in the economic terms; and
- C) the manner in which lndia is likely to be benefited on implementation  of consensual decisions  taken by G-20 members?

## TY

- a) Yes, the Government of lndia was a participant  at the G-20 Summit held on 15-16 November  2015 in Turkey.
- b) The recent G-20 Summit  Communiqu6  incorporates  all the declarations  made during the G-20 Summit including  on global economic growth, employment, investment  and infrastructure, trade, sustainable  growth and development, automatic exchange of information, anti-corruption, lowering remittance transaction  costs and cyber security. The G-20 Communique issued only in English may be seen in Note 1.
- c) lndia is likely to be benefitted  on implementation  of declarations  taken in the G-20 Summit communique.  Details may be seen in Note 2.

## GOVERNMENT OF !NDIA [/IN STRY OF F NANCE DEPARTIMENT  OF ECONOIU C AFFAIRS

## L

Unstarred Question  No .2111

Friday, December  11, 2015

.2ut

## 20 eade 'Go u u6

## nta ya Sum t, 1 16 ove  er 2015

1. We, the Leaders of the G20, met in Antalya on 15-16 November  2015 to determine further collective actions  towards  achieving strong, sustainable and balanced growth  to raise the prosperity  of our people. We are firm in our resolve to ensure growth  is robust and inclusive, and delivers more and better quality jobs. We recognize  that advancing inclusive growth and entrenching confidence require the use of all policy tools and strong engagement with all stakeholders.
2. ln pursuing  our objectives,  we have adopted  a comprehensive agenda this year around the three pillars of decisive  implementation of our past commitments to deliver on our promises, boosting investmenfs as a powerful driver of growth and promoting inclusiveness in our actions so that the beneflts of growth are shared by all. We have also enhanced our dialogue  with low income developing countries as part of our implementation  of this agenda.
3. Global economic  grourth  is uneven and continues to fall short of our expectations, despite the positive outlook in some major economies. Risks and uncertainties in financial markets remain, and geopolitical challenges are increasingly becoming a global concern.  ln addition,  a shortfall  in global  demand  and structural  problems continue to weigh on actual and potential growth.
4. We will continue to implement sound macroeconomic policies  in a cooperative manner  to achieve strong, sustainable and balanced growth.  Our monetary authorities will continue to ensure price stability and support economic activity, consistent with their mandates. We reiterate our commitment  to implement 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. We will also consider the composition  of our budget expenditures and revenues  to support productivity, inclusiveness and growth. We remain committed to promote global  rebalancing  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 beneflts of financial  globalization.  We reaffirm our previous exchange rate commitments  and will resist all forms of protectionism.
5. We remain committed  to achieving  our ambition  to lift collective G20 GDP by an additional 2 percent  by 2018 as announced  in Brisbane  last year. Our top priority is

timely and effective  implementation  of our growth strategies that include measures to support demand and structural  reforms to lift actual and potential growth, create  jobs, promote  inclusiveness  and reduce inequalities.  We have made significant progress towards fulfilling  our commitments since last year, implementing half of our multiyear commitments.  Analysis by the MF, OECD and World Bank Group indicates that our implementation  so far represents more than one third of our collective growth ambition. Yet we also acknowledge  that more needs to be done. We will strive more and take prompt action to expedite implementation  of our remaining commitments. Going fonruard, we will continue to closely monitor the implementation  of our commitments through the robust framework we developed this year. We will also continue reviewing and adjusting our growth strategies  to ensure that they remain relevant to evolving economic conditions,  policy priorities  and structural  challenges, in particular  slow productivity  growth, and that they remain consistent  with our collective  groMh ambition.  The Antalya Action Plan, comprising  our adjusted  growth strategies and implementation schedules  for key commitments,  reflects  our determination to overcome  global economic challenges.

6. We are committed to ensure that growth is inclusive, job-rich  and benefits all segments  of our societies. Rising inequalities  in many countries may pose risks to social cohesion and the well-being of our citizens and can also have negative economic impact and hinder our objective  to lift growth. A comprehensive and balanced set of economic, financial, labour, education and social policies will contribute  to reducing inequalities.  We endorse the Declaration of our Labour  and Employment Ministers and commit to implementing its priorities  to make labour markets more inclusive as outlined by the G20 Policy Priorities on Labour lncome Share and lnequalities.  We ask our Finance, and Labour and Employment  Ministers to review our growth strategies  and employment plans to strengthen  our action against  inequality and in support of inclusive growth. Recognizing  that social dialogue  is essential to advance our goals, we welcome  the B20 and L20 joint statement on jobs, growth  and decent work.

7. Unemployment, underemployment and informal jobs are significant sources of inequality  in many countries and can undermine  the future growth prospects  of our economies.  We are focused on promoting more and better quality jobs in line with our G20 Framework on Promoting  Quality Jobs and on improving and investing  in skills through our G20 Skills Strategy. We are determined to support  the better integration of our young people into the labour market including through the promotion of entrepreneurship. Building on our previous commitments and taking into account our national circumstances,  we agree to the G20 goal of reducing the share of young people  who are most at risk of being permanently  left behind in the labour market by 15% by 2025 in G20 countries. We ask the OECD and the ILO to assist us in monitoring progress in achieving  this goal. We will continue monitoring the implementation  of our Employment  Plans as well as our goals to reduce gender participation gap and to foster safer and healthier workplaces  also within sustainable global supply chains.

8. We will address  current opportunities and challenges  brought into the labour markets through such issues as international  labour mobility and the ageing of populations.  Domestic labour mobility is an important labour market issue in some G20 countries.  We recognize and will further explore the potential of a flourishing silver economy. We further ask our Labour and Employment  Ministers to report to us on progress made in 2016.
9. To provide  a strong impetus to boost investment,  particularly  through private sector participation, we have developed ambitious country-specific investment strategies,  which bring together concrete policies  and actions to improve the investment ecosystem, foster efficient  and quality infrastructure,  including  by the public sector, support small and medium sized enterprises  (SMEs), and enhance knowledge sharing. Analysis by the OECD indicates that these strategies would contribute  to lifting the aggregate  G20 investment  to GDP ratio, by an estimated  1 percentage point by 2018.
10. To improve our investment  preparation,  prioritization  and execution  processes, we have developed guidelines and best practices  for public-private-partnership (PPP) models. We also considered  alternative flnancing  structures, including  assetbased financing, and simple and transparent securitization to facilitate better intermediation for SMEs and infrastructure  investment. Going foruvard,  we call on our [Vlinisters  to continue  their work to improve the investment  ecosystem, promote longterm financing, foster  institutional  investors' involvement,  support  the development  of alternative capital market instruments and asset-based financing models, and encourage  Multilateral Development  Banks (MDBs) to mobilize their resources, optimize their balance sheets, and catalyze  private sector funding.  We are advancing efforts  and developing  toolkits  to unlock the ways and means  for countries  to better prepare,  prioritize  and finance infrastructure projects.  We expect  the Global lnfrastructure Hub to make a significant contribution towards these endeavors. To help ensure a strong corporate  governance  framework  that will support private investment,  we endorse the G2OIOECD Principles of Corporate  Governance. We have placed a special focus on promoting longterm flnancing for SMEs, and we welcorne  the Joint Action Plan on SME Financing,  the G2OIOECD High-Level Principles on SME Financing as guidance,  and the establishment  of the private sector-led  World SME Forum, a new initiative that will serve as a global body to facilitate the contributions  of SMEs to growth and employment.
11. Global trade and investment continue  to be important  engines of economic growth and development, generating employment and contributing to welfare and inclusive  growth.  We note that global trade growth remains below pre-crisis levels. This is a result of both cyclical  and structural factors. We therefore  reaffirm  our strong commitment  to better coordinate our efforts to reinforce trade and investment,
5. including through our Adjusted Growth Strategies. lnclusive  Global Value Chains (GVCs) are important drivers of world trade. We support  policies  that allow firms of all sizes, particularly  SMEs,  in countries at all levels of economic development  to participate  in and take full advantage of GVCs and encourage greater participation and value addition by developing countries. We further reaffirm  our longstanding commitment to standstill and rollback  on protectionist measures  and will remain vigilant  by monitoring  our progress.  For this, we ask the WTO, OECD  and UNCTAD to continue their reporting  on trade and investment  restrictive measures. We ask our Trade Ministers  to meet on a regular basis and we agree on a supporting  working group.
12. The WTO is the backbone  of the multilateral trading system  and should continue to play a central  role in promoting economic growth and development.  We remain committed  to a strong and efficient multilateral  trading system and we reiterate  our determination to work together to improve its functioning. We are committed to working together for a successful  Nairobi Ministerial  Meeting that has a balanced set of outcomes, including on the Doha Development Agenda, and provides clear guidance to post-Nairobi  work. We will also need to increase our efforts to implement all the elements of the Bali Package, including  those on agriculture, development, public stock holding  as well as the prompt  ratification and implementation of the Trade Facilitation Agreement.  We will continue our efforts to ensure that our bilateral, regional and plurilateral  trade agreements  complement  one another,  are transparent and inclusive,  are consistent  with and contribute to a stronger multilateral trade system under WTO rules. We emphasize the important role of trade in global development efforts and will continue to support mechanisms such as aid for trade in developing countries  in need of capacity building assistance.
13. Strengthening  the resilience  of financial institutions  and enhancing  stability of the financial  system are crucial to sustaining  growth and development.  To enhance  the resilience of the global  financial  system, we have completed further core elements of the financial reform agenda. ln particular,  as a key step towards ending too-big-tofail, we have finalized  the common international  standard on total-loss-absorbingcapacity  (TLAC) for global systemically  important  banks. We also agreed to the first version  of higher loss absorbency requirements for global systemically important rnsurers.
14. Critical  work remains to build a stronger  and more resilient  financial system. ln particular, we look forward to further work on central counterparty resilience, recovery planning  and resolvability  and ask the FSB to report back to us by our next meeting. We will continue to monitor and, if necessary,  address  emerging  risks and vulnerabilities  in the financial system, many of which may arise outside  the banking sector. ln this regard,  we will further strengthen  oversight  and regulation  of shadow banking to ensure resilience  of market-based finance, in a manner appropriate to the

systemic risks posed.  We look forward to further progress  in assessing and addressing,  as appropriate,  the decline in correspondent banking services.  We will expedite  our efforts to make further progress in implementing  the over-the-counter (OTC) derivatives' reforms, including by encouraging  jurisdictions  to defer to each other, when it is justifled  in line with the St. Petersburg  Declaration.  Going forward, we are committed  to full and consistent  implementation  of the global financial regulatory framework in line with the agreed timelines, and will continue to monitor and address uneven implementation across jurisdictions.  We welcome  the FSB's first annual report on the implementation of reforms and their effects. We will continue to review the robustness of the global regulatory framework and to monitor and assess the implementation and effects of reforms and their continued consistency  with our overall objectives, including  by addressing  any material unintended consequences, particularly  for emerging markets and developing economies (EMDES).

15. To reach a globally fair and modern international  tax system, we endorse the packag6 of measures developed  under the ambitious  G2OIOECD Base Erosion and Profit Shifting  (BEPS)  project. Widespread and consistent  implementation will be critical in the effectiveness of the project, in particular as regards the exchange of information on cross-border  tax rulings.  We, therefore, strongly urge the timely implementation of the project and encourage  all countries and  jurisdictions, including developing  ones, to participate.  To monitor the implementation  of the BEPS  project globally, we call on the OECD to develop an inclusive framework by early 2016 with the involvement  of interested non-G2O  countries and jurisdictions  which commit to implement the BEPS project,  including  developing  economies, on an equal footing. We welcome the efforts by the lMF, OECD, UN and WBG to provide appropriate technical assistance to interested developing economies  in tackling  the domestic resource mobilization  challenges  they face, including  from BEPS. We acknowledge that interested non-G20 developing countries' timing of implementation may differ from other countries and expect the OECD and other international organizations  to ensure that their circumstances  are appropriately  addressed in the framework.  We are progressing towards  enhancing the transparency of our tax systems  and we reaffirm our previous  commitments  to information exchange  on-request  as well as to automatic exchange of information by 2017 or end-2018. We invite other  jurisdictions to join us. We support the efforts for strengthening developing  economies' engagement in the international tax agenda.

16. ln support of our growth and resilience agenda, we remain committed  to building a global culture of intolerance towards corruption  through effectively  implementing the 2015-2016 G20 Anti-Corruption Action Plan. We endorse the G20 High-Level Principles  on lntegrity  and Transparency in the Private Sector which will help our companies comply with global  standards  on ethics and anti-corruption. Ensuring the integrity  and transparency  of our public sectors is essential.  n this regard, we endorse  the G20 Anti-Corruption Open Data Principles  and the G20 Principles  for

Promoting ntegrity  in Public Procurement,  and we welcome the ongoing work on asset disclosure  frameworks. We will further work to strengthen international cooperation,  including where appropriate  and consistent  with domestic legal systems, on civil and administrative procedures,  as an important tool to effectively combat bribery and to support asset recovery and the denial of safe haven to corrupt officials and those who corrupt them. We welcome the publication  of our lmplementation Plans on beneficial ownership transparency and will continue our efforts in this regard.

17. We remain deeply disappointed with the continued delay in implementing  the MF quota and governance reforms agreed in 2010. The 2010 reforms remain our highest  priority for the MF and we urge the United States to ratify these reforms as soon as possible. Mindful of the aims of the 2010 reforms, we ask the IMF to complete its work on an interim solution that will meaningfully converge  quota shares as soon as and to the extent possible  to the levels agreed under the 14th General Review of Quotas.  The 14th Review should be used as a basis for work on the 15th Review, including  a new quota  formula. We reaffirm  our commitment  to maintaining a strong, quota-based and adequately resourced MF. We reaffirm our agreement that the heads and senior leadership  of all international  flnancial institutions  should be appointed through an open, transparent and merit-based process and we reiterate  the importance  of enhancing  staff diversity  in these organizations. We reaffirm that the Special Drawing  Rights (SDR)  basket composition  should  continue to reflect the role of currencies in the global trading and financial system and look fonuard  to the completion  of the review of the method of valuation  of the SDR.
18. We welcome the progress  achieved  on the implementation  of strengthened collective action and paripassu  clauses in international  sovereign bond contracts, which will contribute to the orderliness  and predictability  of sovereign  debt restructuring  processes.  We ask the lMF, in consultation  with other parties,  to continue promoting the use of such clauses and to further explore market-based ways to speed up their incorporation  in the outstanding stock of internatlonal sovereign  debt. We look fonruard  to the upcoming  review of the llVF-WB Debt Sustainability Framework for Low-lncome Countries.  We acknowledge  the existing initiatives  aimed at improving  sustainable financing  practices,  as stressed  in the Addis Ababa Action Agenda. We also take note of the Paris Forum initiative, which contributes to further the inclusiveness by fostering  dialogue between  sovereign debtors and creditors.
3. 19.2015 is a crucial year for sustainable  development  and we remain committed to ensuring  our actions  contribute to inclusive  and sustainable  growth, including  in low income developing countries.  The 2030 Agenda, including the Sustainable Development Goals (SDGs) and the Addis Ababa Action Agenda, sets a transformative, universal  and ambitious framework for global development efforts.

We are strongly committed to implementing its outcomes to ensure that no-one is left behind in our efforts to eradicate  poverty and build an inclusive  and sustainable future for all. We adopt  the G20 and Low ncome  Developing  Countries Framework to strengthen our dialogue and engagement on development. We will develop an action plan in 2016 to further align our work with the 2030 Agenda.

20. Our work this year supports key areas for sustainable development such as energy access, food security and nutrition, human resource development, quality infrastructure,  financial  inclusion and domestic resource mobilization. We endorse the G20 Action Plan on Food Security and Sustainable Food Systems, which underlines our commitment  to improve global food security  and nutrition  and ensure the way we produce,  consume  and sell food is economically, socially and environmentally sustainable. We remain focused on promoting  responsible investment in agriculture  and food systems, improving market transparency, increasing  incomes and quality jobs, and fostering sustainable productivity growth. We will pay particular  attention  to the needs of smallholder  and family farmers,  rural women and youth. We also commit to reducing  food loss and waste globally.  We welcome Expo Milano with the theme  "Feeding  the Planet  -  Energy for Life". We also welcome  our Agriculture Ministers' decision  to establish a new platform to improve the way we and other countries can measure and reduce food loss and waste.

21. The private sector has a strong role to play in development and poverty eradication.  Through our G20 Call on nclusive Business  we stress the need of all stakeholders to work together in order to promote  opportunities  for low income people and communities to participate  in markets as buyers, suppliers  and consumers. Our G20 National Remittance Plans developed this year include concrete actions  towards our commitment to reduce the global average cost of transferring  remittances  to five percent with a view to align with the SDGs  and Addis Ababa Action Agenda. We are promoting  financial inclusion by helping to open up access to payments,  savings,  credit and other services. We welcome the continued work on financial inclusion  within the Global Partnership  for Financial lnclusion (GPFr).

22. We remain focused on the G20 Principles on Energy Collaboration  and welcome our Energy Ministers'first meeting ever. Recognizing  that globally  over 1.1 billion people lack access to electricity  and 2.9 billion rely on the traditional use of biomass for cooking, we endorse the G20 Energy Access Action Plan: Voluntary Collaboration on Energy Access,  the first phase  of which focuses on enhancing electricity  access  in Sub-Saharan  Africa where the problem is most acute. The Plan aims to strengthen  G2O coordination and establishes  a long{erm voluntary cooperation  framework that can be applied to other regions over time, recognising that energy access is a critical factor to foster development. ln this first phase, we will cooperate  and collaborate  with African countries and relevant regional and international organizations on policy and regulatory  environments, technology development and deployment, investment and finance, capacity  building, regional integration and cooperation,  taking into consideration  national needs and contexts.

23. We recognize that actions on energy, including  improving energy efficiency, increasing investments  in clean energy technologies  and supporting  related research and development  activities will be important in tackling climate change and its effects. We endorse  the G20 Toolkit  of Voluntary Options for Renewable Energy Deployment. We also highlight the progress made this year by participating  countries in taking  foruvard our collaboration  on energy efficiency  and agree to further  support on a voluntary basis the 2015 outcomes  of existing work streams on efficiency  and emissions performance  of vehicles, particularly  heavy duty vehicles, networked devices, buildings,  industrial processes and electricity  generation,  as well as financing  for energy efficiency.  We will continue to promote  transparent,  competitive and well-functioning  energy markets, including gas markets. We stress the importance  of diversiflcation of energy  sources and continued investments  for increased energy security.  We reaffirm our commitment  to rationalise  and phase-out inefficient fossil fuel subsidies that encourage wasteful  consumption,  over the medium term, recognising  the need to support the poor. We will endeavour  to make enhanced progress in moving forward this commitment.  We ask our Energy Ministers to report back on energy collaboration again in 2016 on the continued implementation  of the G20 Principles on Energy Collaboration.
24. Climate change is one of the greatest  challenges  of our time. We recognize that 2015 is a critical year that requires  effective,  strong  and collective  action  on climate change and its effects. We reaffirm the below 20C goal as stated in the Lima Call for Action.  We affirm our determination  to adopt a protocol,  another legal instrument  or an agreed outcome with legal force under the UNFCCC that is applicable to all Parties. Our actions will support  growth  and sustainable development.  We affirm that the Paris agreement should be fair, balanced,  ambitious,  durable and dynamic. We underscore  our commitment to reaching an ambitious agreement in Paris that reflects  the principle  of common  but differentiated  responsibilities and respective capabilities,  in light of different national circumstances.  We reaffirm that UNFCCC is the primary  international  intergovernmental  body for negotiating  climate  change. We welcome  that over 160 Parties including  all G20 countries have submitted their lntended Nationally Determined Contributions ( NDCs) to the UNFCCC, and encourage  others to do so in advance  of the Paris Conference.  We are prepared to implement  our lNDCs.  We will instruct our negotiators  to engage constructively  and flexibly  in the coming days to discuss key issues, among other things,  mitigation, adaptation, finance,  technology  development  and transfer and transparency  in order to arrive at Paris with a way forward.  We commit  to work together for a successful outcome of the COP21.
25. The scale of the ongoing refugee crisis is a global concern with major humanitarian, political,  social and economic consequences.  There is a need for a coordinated and comprehensive response to tackle this crisis, as well as its long

term consequences.  We commit to continue further strengthening  our support for all efforts to provide protection  and assistance and to find durable solutions for the unprecedented numbers  of refugees and internally  displaced persons in various parts of the world.  We call upon all states  to contribute  to responding  to this crisis, and share in the burdens  associated  with it, including through refugee resettlement, other forms of humanitarian  admission,  humanitarian  aid and efforts to ensure  that refugees can access services,  education  and livelihood  opportunities.  We underline the need to address the root causes of displacement. We highlight,  in this regard, the importance  of political  solutions to conflicts  and increased cooperation  for development.  We also recognize the importance of creating  conditions to enable refugees and internally displaced persons to safely and voluntarily  return to their homes.  We willwork with other states to strengthen our long term preparedness  and capacity  to manage migration and refugee  flows. We invite all states  according  to their individual capacities to scale up their assistance  to relevant international organizations in order to enhance their capabilities to assist affected countries in dealing with this crisis.  We encourage  the private  sector and individuals  to also join in the international efforts to respond to the refugee crisis.

26. We are living in an age of nternet economy  that brings both opportunities  and challenges  to global groMh. We acknowledge  that threats to the security of and in the use of lCTs, risk undermining  our collective  ability to use the lnternet to bolster economic growth and development  around the world. We commit ourselves to bridge the digital divide. ln the CT environment,  just  as elsewhere, states have a special responsibility  to promote  security,  stability,  and economic  ties with other nations.  ln support  of that objective, we affirm that no country  should conduct or support CTenabled theft of intellectual property, including trade secrets or other confidential business  information, with the intent of providing  competitive  advantages to companies or commercial sectors. All states in ensuring the secure  use of lCTs, should respect and protect the principles of freedom from unlawful  and arbitrary interference  of privacy, including in the context of digital communications.  We also note the key role played  by the United Nations in developing  norms and in this context we welcome the 2015 report of the UN Group of Governmental Experts  in the Field of nformation  and Telecommunications in the Context of lnternational Security, affirm that international  law, and in particular  the UN Charter, is applicable to state conduct  in the use of lCTs and commit  ourselves  to the view that all states should abide by norms of responsible  state behaviour in the use of lCTs in accordance with UN resolution NC.11701L.45. We are committed  to help ensure an environment in which all actors are able to enjoy the benefits of secure use of lCTs.

27. \Ne remain resolute to continue our collective action to lift actual and potential growth of our economies, support job creation, strengthen resilience, promote development and enhance inclusiveness  of our policies. We thank Turkey for its G20 Presidency and hosting a successful  Antalya Summit this year. We look fonryard  to our next meeting in Hangzhou in September 2016 under the Chinese Presidency We also look fonryard  to meeting in Germany.

## ss es for er ct on

We look fonuard to further work on investment, including with a follow-up by the OECD and other relevant international organizations on our investment strategies under our broad framework.

We expect the Global nfrastructure  Hub to present  its report on knowledge  sharing to G20 Finance Ministers and Central Bank Governors by April 2016.

We look forward to further work on issues concerning optimization of the balance sheets of MDBs.

Recognizing the potential  role of corporates'  liability structure  in financial  stability, we call on the FSB to continue to explore any systemic  risks and consider  policy options in this regard.

We ask the FSB to continue to engage  with public-  and private- sector participants on how the financial  sector can take account of climate change risks.

Building  on its findings  presented  in its last report to the G20, we call on the Financial  Action Task Force (FATF) to report back to our Finance Ministers and Central Bank Governors  by their first meeting in 2016 on the steps countries are taking to address the weaknesses  identified to cut off terrorism-related financial flows.

A stable and resilient international financial architecture is a key element to foster strong, sustainable and balanced growth as well as financial stability. We ask ouri Finance Ministers  and Central Bank Governors to work and report back to us by our next meeting on this issue. '

We agree that attention  should be given to global  health risks, such as antimicrobial resistance,  infectious disease threats  and weak health systems. These can significantly impact growth and stability.  Building on the Brisbane Statement, we underscore the importance  of a coordinated  international  response  and reiterate our resolve  to tackle these issues to fight the adverse impacts on the global economy and will discuss the terms of reference to deal with this issue in the G20 next year

## q  q  tsoft e  ecarato nt e  20Lea ersco nq 6

- G20 countries  will continue to implement sound macroeconomic policies in a cooperative manner  to achieve strong, sustainable and balanced  growth. Their monetary  authorities  will continue to ensure price stability and support economic activity, consistent with their mandates. G20 Leaders reiterated their commitment to implement 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.
- G20 Leaders remain committed  to achieving  our ambition to lift collective  G20 GDP by an additional 2 percent  by 2018 as announced  in Brisbane last year. The top priority is timely and effective implementation  of growth strategies  that include measures  to support demand  and structural reforms  to lift actual and potential growth, create  jobs, promote inclusiveness and reduce inequalities.
- Leaders are committed to ensure that growth is inclusive, job-rich  and benefits all segments of our societies. Building  on previous  commitments and taking into account the national circumstances, G20 countries agreed to the G20 goal of reducing the share of young people who are most at risk of being permanently left behind in the labour market by 15% by 2025 in G20 countnes.
- G20 countries will address current opportunities  and challenges  brought  into the labour markets through such issues as international  labour mobility  and the ageing of populations.
- To provide a strong impetus to boost investment, particularly through private sector participation,  G20 countries have developed  ambitious country-specific  investment strategies, which bring together concrete policies and actions to improve the investment ecosystem, foster efficient  and quality infrastructure, including  by the public  sector, support small and medium sized enterprises (SMEs), and enhance  knowledge sharing.
- Going forward,  G20 countries  shall continue their work to improve the investment ecosystem,  promote long-term  financing, foster institutional  investors' involvement, support the development of alternative capital market instruments  and asset-based financing  models,  and encourage Multilateral  Development  Banks (MDBs) to mobilize their resources, optimize their balance sheets, and catalyze  private sector funding.
- G20 Leaders reaffirmed their strong commitment to better coordinate  the efforts to reinforce trade and investment,  including  through our Adjusted Growth Strategies. lnclusive Global Value Chains (GVCs) are important  drivers of world trade. G20 countries  shall support policies that allow firms of all sizes, particularly  SMEs, in countries at all levels of economic development to participate  in and take full advantage of GVCs and encourage greater participation  and value addition by developing countries.
- G20 countries remain committed to a strong and efficient multilateral trading system and Leaders reiterated  their determination  to work together  to improve its functioning. They remain committed to working together for a successful  Nairobi  Ministerial  Meeting a

that has a balanced set of outcomes,  including on the Doha Development Agenda,  and provides clear  guidance to post-Nairobi  work. G20 countries will also need to increase efforts to implement  all the elements  of the Bali Package,  including those on agriculture, development,  public  stock holding as well as the prompt  ratification and implementation  of the Trade Facilitation  Agreement.  G20 countries will continue efforts to ensure that our bilateral,  regional and plurilateral trade agreements  complement  one another, are transparent and inclusive,  are consistent  with and contribute  to a stronger multilateral trade system under WTO rules. They emphasized the important role of trade in global development efforts and will continue  to support mechanisms  such as aid for trade in developing  countries  in need of capacity building assistance.

## n a cngresi e ce

- G20 Leaders are committed  to full and consistent  implementation  of the global financial regulatory framework in line with the agreed timelines,  and will continue to monitor and address uneven implementation  across  jurisdictions. a
- To reach a globally fair and modern international tax system,  G20 Leaders endorse the package of measures developed under the ambitious G2OIOECD  Base Erosion and Profit Shifting  (BEPS)  project.
- G20 countries  are progressing  towards  enhancing the transparency  of our tax systems and Leaders reaffirmed their previous commitments  to information exchange onrequest as well as to automatic exchange  of information by 2017 or end-2018.
- ln support of their growth and resilience agenda, G20 Leaders remain committed  to building  a  global culture of intolerance  towards  corruption through effectively implementing the 2015-2016 G20 Anti-Corruption  Action Plan.
- Mindful of the aims of the 2010 reforms,  G20 Leaders  asked the MF to complete its work on an interim solution that will meaningfully  converge quota shares as soon as and to the extent possible  to the levels agreed under the 14th General Review of Quotas. The 14th Review should be used as a basis for work on the 15th Review, including  a new quota formula. G20 Leaders reaffirmed  their commitment to maintaining a strong,  quota-based  and adequately resourced  MF.

## uttressn usta a ty

- The 2030 Agenda,  including the Sustainable  Development Goals (SDGs) and the Addis Ababa Action Agenda,  sets a transformative, universal and ambitious framework for global  development  efforts. G20 Leaders will develop  an action plan in 2016 to further align our work with the 2030 Agenda.
- G20 Leaders remain focused on promoting responsible investment in agriculture  and food systems, improving  market transparency,  increasing incomes and quality jobs, and fostering sustainable  productivity  growth.  Leaders also welcomed  Agrlculture Ministers' decision  to establish a new platform  to improve the way G20 and other countries  can measure and reduce food loss and waste.
- Through G20 Call on lnclusive  Business G20 Leaders stressed the need of all stakeholders  to work together in order to promote  opportunities  for low income  people and communities to participate in markets as buyers, suppliers  and consumers.
- o The G20 National Remittance  Plans developed this year include concrete actions towards G20 commitment to reduce the global average cost of transferring remittances to five percent with a view to align with the SDGs and Addis Ababa Action Agenda.
- G20 Leaders endorsed the G20 Energy Access Action Plan: Voluntary Collaboration on Energy Access, the first phase of which focuses on enhancing electricity  access in SubSaharan  Africa where the problem is most acute.
- G20 countries recognized that actions on energy, including improving  energy efficiency, increasing  investments in clean energy technologies and supporting related research and development  activities  will be important  in tackling climate change and its effects. G20 Leaders endorsed the G20 Toolkit of Voluntary Options for Renewable Energy Deployment. G20 Leaders also highlighted the progress made this year by participating countries  in taking  forward our collaboration  on energy efficiency and agree to further support on a voluntary basis the 2015 outcomes of existing work streams on efficiency and emissions performance of vehicles,  particularly heavy duty vehicles,  networked devices,  buildings,  industrial  processes  and electricity  generation, as well as financing for energy etficiency. G20 Leaders  will continue to promote transparent,  competitive and well-functioning  energy markets, including gas markets.
- G20 Leaders affirmed their determination  to adopt a protocol,  another legal instrument or an agreed outcome with legal force under the UNFCCC that is applicable to all Parties.  G20 actions will support growth and sustainable development. G20 Leaders affirmed that the Paris agreement should  be fair, balanced, ambitious,  durable and dynamic.  G20 countries  underscored the commitment to reaching  an ambitious agreement in Paris that reflects the principle  of common but differentiated responsibilities and respective capabilities,  in light of different national circumstances.
- G20 Leaders committed  to continue  further strengthening  our support for all efforts to provide  protection  and assistance and to find durable solutions for the unprecedented numbers of refugees and internally displaced persons in various parts of the world.
- G20 Leaders committed  themselves  to bridge the digital divide. They affirmed  that no country  should conduct or support |CT-enabled  theft of intellectual property, including trade secrets or other confldential business information, with the intent of providing competitive advantages to companies or commercial sectors.