G20 Summit 2018: consensus on the final statement of the global leaders

President Mauricio Macri announced this afternoon that the leaders who participated in the G20 summit reached a consensus statement. The main point of the document indicates that they agreed to a fair and sustainable development based on an agenda focused on people, inclusive and with a view to the future.

The pillars on which the agreement was based are: the future of work, the infrastructure for development, the sustainable future of food and a strategy to integrate the gender perspective into the G20 agenda. "Monetary policy will continue to support economic activity and ensure price stability, consistent with the mandates of central banks," the document says.

"We renew our commitment to work together to improve an international order based on rules that is capable of effectively responding to a rapidly changing world," the statement added. On the other hand, they stressed that international cooperation will help ensure that the benefits of technological transformation are widely shared.

Work and education

"We remain committed to building a future of inclusive, fair and sustainable work, promoting decent work, vocational training and skills development, including the retraining of workers and improving working conditions in all types of employment, recognizing the importance of social dialogue in this area, including work through digital platforms, with a focus on the promotion of formal work and strengthening social protection systems, "the document said.

The text also highlights that access to education is a human right and a strategic public policy for the development of more inclusive, prosperous and peaceful societies. And it highlights the importance of girls' education.

"To equip our citizens to reap the benefits of technological innovations we will promote the coordination between employment and quality equitable education, to develop comprehensive strategies to promote key competences such as learning to learn, fundamentals and digital skills, in a learning from the childhood with a perspective for life, "says the text.

The leaders also pledged to promote measures to boost small and medium enterprises, more digital inclusion and consumer protection.

Gender, infrastructure and the fight against hunger

On the other hand, the document emphasizes that infrastructure is a key factor for economic prosperity, sustainable development and inclusive growth.

"To respond to the persistent gap in the financing of infrastructure, we reaffirm our commitment to attract more private capital for investment in infrastructure," the text states.

On the fight against hunger, the text reaffirms the will to seek new dynamics, practices and technologies to develop rural areas and sustainable agriculture, and promote coordination between the public sector, the private sector and the scientific community to fight against hunger respecting biodiversity and protecting the environment.

"Gender equality is crucial for economic growth and fair and sustainable development," acknowledges the consensus statement. And it is committed to encouraging initiatives to reduce the gender gap in the workplace and fight against forms of discrimination and violence against women.

The document also affirms the importance of financial inclusion for the development of countries, taking into account their particular contexts, and proposes to facilitate digital financial services to help deploy private capital in a sustainable manner.

The development of early childhood is another of the concerns addressed in the closing statement. "The multidimensional approach to early childhood development," the text says, is a "means of building human capital to break the cycle of intergenerational poverty" where children appear with the "most vulnerable" victims.

Salud y migraciones

A prominent paragraph occupies the role of the World Health Organization (WHO) to advance the UN's Sustainable Development Goals with respect to health by 2030. The declaration proposes to address global issues such as malnutrition and obesity children and continue fighting to eradicate HIV, tuberculosis and malaria.

Less emphasis is given to the document when talking about other hot topics on the global agenda: migrations. "We take note of the policies and annual trends of migration and displacement," he details and proposes to continue discussing the issue at the next summit. "We emphasize the importance of shared actions to address the root causes of displacement and to respond to the growing humanitarian needs," he adds.

Paris Agreement

In order to comply with the 2030 Agenda for Sustainable Development of the UN, the document proposes to encourage South-South cooperation, continue supporting the African continent and fight against illicit financial flows "that have a detrimental effect on national resources".

"A strong economy and a healthy planet are mutually reinforcing", begins the section dedicated to the environment, another of the summit's hot topics. G20 members recognize the importance of "comprehensive adaptation strategies" against global warming, including "infrastructure that is resistant to extreme weather events and disasters."

Point 20 of the agreement refers to the Paris Agreement. "The signatories of the Paris agreement, who also joined the Hamburg Action Plan, reaffirm that the Agreement is irreversible and commit to its full implementation, reflecting common but differentiated responsibilities and respective capabilities, in light of different national circumstances" , says the text. "We will continue to address climate change and promote sustainable development and growth," he adds.

On this point, the document clarifies that the United States reiterated the decision to withdraw from the Paris Agreement, although "they reaffirm their commitment to economic growth and access to energy and security, using all sources of energy and technologies, to while protecting the environment.

Next, the document highlights the importance of achieving more "clean" energy systems and reducing the emission of polluting gases.

Capitals and market

"We call on the IMF and the World Bank to work with borrowers and creditors to improve the registration, monitoring and transparency of information on public and private debt obligations, and we look forward to the IMF review of conditionality. of the program and the revision of its debt limits policy, "the document highlights.

On the other hand, leaders are committed to continue taking measures to address the vulnerabilities generated by debt in low-income countries.

"We remain committed to the implementation and complete, consistent and timely completion of the agreed financial reform agenda and the evaluation of its effects," the text highlights.

Meanwhile, they are committed to continue working to achieve a "modern, fair and sustainable international tax system".

"International trade and investment are important drivers of growth, productivity, innovation, creation and development," the text says. "We recognize the contribution that the multilateral trading system has made in this regard," he continues. However, the document recognizes: "Currently the system is failing to achieve its objectives and there is room for better.

For this reason, leaders support the necessary reform of the World Trade Organization to improve its functioning. "We will review your progress in our next meeting," the text says.

"We welcome the concrete policy of solutions developed by the Global Forum on Excess Steel Capacity (GFSEC), facilitated by the OECD", continues in one of the last points of the agreement.

Point 29 is dedicated to commitment in the fight against corruption. "We ask all G20 countries to implement the Convention against Corruption proposed by the UN," says the document.

Finally, the leaders reaffirm their strong condemnation of terrorism "in all its forms and manifestations"

The document concludes by thanking Argentina for hosting a successful event.

The complete document

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