G20 Osaka Declaration - 2019


G20 Osaka Declaration - 2019
The G20 Osaka Summit has been held on June 28-29, 2019
The US-China trade war and climate change have been contentious issues during the G20 summit.
Here are key points from the communiqué by the Group of 20, which accounts for more than four-fifths of the global economy, after the two-day summit:

Global business environment
The leaders agreed –
(i) to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open.
(ii) to reaffirm their support for the necessary reform of the World Trade Organization (WTO) to improve its functions.
(iii) to reaffirm their commitment to further strengthening the global financial safety net with a strong, quota-based, and adequately resourced International Monetary Fund (IMF) at its center.
The quotas determined each member’s voting rights. Major emerging economies in the G20 such as China and India have been pressing for a bigger say at the IMF.
(iv) to remain committed to the full, timely and consistent implementation of the agreed financial reforms."
Work on climate change
(i) They recognized the urgent need for addressing complex and pressing global issues and challenges, including climate change, resource efficiency, air, land, fresh water and marine pollution, including marine plastic litter, biodiversity loss, sustainable consumption and production, urban environmental quality and other environmental issues, and for promoting and leading energy transitions, with the best available science, while promoting sustainable growth
(ii) G20 signatories to the Paris Agreement on climate, which is all of them except the US, pledged the “full implementation” of the pact, which they called “irreversible.” They also took note, without further pledges, of UN scientists’ call for a more ambitious target of reducing warming to 1.5 degrees Celsius above pre-industrial levels.

(iv) However, the United States reiterates its decision to withdraw from the Paris Agreement because it disadvantages American workers and taxpayers.

The participants are leaders from 19 countries and the Europian Union (EU). The 19 countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Republic of South Africa, Russia, Saudi Arabia, Turkey, United Kingdom, United States of America. In addition, leaders of invited guest countries and representatives of invited guest international organizations participate in the summit along with leaders from the G20 members. (Please click here for the list of participating countries and international organizations for the G20 Osaka Summit.)
The G20 Summit is formally known as the “Summit on Financial Markets and the World Economy”. As the “premier forum for international economic cooperation” (agreed by leaders at the Pittsburgh Summit in September 2009), representing more than 80% of the global GDP, the G20 has made continuous efforts toward achieving robust global economic growth. As globalization progresses and various issues become more intricately intertwined, the recent G20 summits have focused not only on macroeconomy and trade, but also on a wide range of global issues which have an immense impact on the global economy, such as development, climate change and energy, health, counter-terrorism, as well as migration and refugees. The G20 has sought to realize an inclusive and sustainable world through its contributions towards resolving these global issues.

Sunday, 30th Jun 2019, 03:01:15 PM

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