G20 LIVE: G20 leaders reaffirm OECD’s role in ensuring strong, sustainable and inclusive growth

Jose Angel Gurria OECD G20 Antalya_

ANTALYA, TURKEY – NOVEMBER 14 : Secretary General of OECD, Jose Angel Gurria gives a speech during a session on ‘Inequality and Income Sharing’ within the Labour 20 (L20) Summit held prior to the G20 Leaders’ Summit, in Antalya, Turkey on November 14, 2015. Antalya, top tourist attraction city in southern Turkey on the coast of the Mediterranean Sea, will host the G20 Turkey Leaders Summit between November 15 and 16. Berk Özkan / Anadolu Agency

The leaders of the world’s 20 largest economies today endorsed overhauled global standards to crackdown on tax evasion and recognised the important contribution made by the OECD to help the Turkish presidency in achieving the goal of more inclusive growth.

At their Summit in Antalya, Turkey, the G20 leaders committed to the implementation of the Base Erosion and Profit Shifting project (BEPS) which closes gaps that allow corporate profits to “disappear” or to be artificially shifted to low or no tax environments. They called on the OECD to monitor progress and to develop, by early next year, an inclusive framework including the participation of developing economies on equal footing.

The leaders welcomed progress being made to boost transparency and fairness in the global tax system, reaffirming their commitments to ımplement automatic exchange of information   as early as 2017 and by 2018 at the latest.

The G20 called on the OECD, IMF and World Bank to continue to monitor their commitment to boost growth, create jobs and tackle inequality through the National Growth Strategies established at last year’s Brisbane Summit.

The OECD and the ILO have been tasked with assisting countries in monitoring implementation of a new G20 pledge to reduce the share of young people who are most at risk of being permanently excluded from the labour market and from education by 15% by 2025.

Speaking from Antalya, OECD Secretary-General Angel Gurría said: “The comprehensive policy package which has been promoted by Turkey as President of the G20 – including skills, youth employment, job quality and tackling inequalities – represents real progress. The OECD will continue to play its part in helping to build a fairer and more inclusive global economy. ”

In presenting to the Summit their joint assessment of progress made so far in the Growth Strategies, the organisations said action by governments needs to be accelerated. The OECD has also helped develop the G20 Skills Strategy to tackle inequality as well as low productivity. A job quality framework has been produced to promote decent working conditions throughout G20 countries. The two organisations will also continue to monitor progress towards the G20 goal to increase women’s participation in the labour force.

In addition, the OECD is providing the G20 with analysis and policy recommendations to boost investment and stimulate business dynamism, particularly among small and medium-sized enterprises (SMEs).

With weak growth and a slowdown in emerging markets, spurring investment, particularly through private sector involvement, will be crucial. The leaders finalised the country-specific Investment Strategies developed with the OECD. Its analysis indicates that the strategies would contribute to lifting the aggregate investment to GDP ratio by an estimated 1 percentage point by 2018.

The OECD supported the G20’s Turkish presidency’s emphasis on SME development and the participation of poor developing countries in the global economy. It has provided analysis on improving the integration of both small businesses and poor countries into global value chains, drawing up G20/OECD principles on SME financing and G20/OECD Principles of Corporate Governance. Both sets of principles were endorsed by the leaders.

OECD work on migration and climate change informed the debates at the Antalya summit. In order to support green finance and the fight against climate change, the OECD has delivered work on tracking climate finance as well as toolkits for channelling green investment.

Building on its experience analysing migration, the OECD is assessing the economic impact of the recent surge of refugees in Europe.

The Summit, overshadowed by the tragic attacks in Paris, two days before, devoted a special session and issued a separate statement on increasing international cooperation in countering terrorism.

As the Secretary-General of the Paris based Organisation, Mr Gurría said: “The impact of these atrocities is all the more poignant as Paris is literally our home, where we have our headquarters and where I along with the majority of over 2500 OECD staff and representatives of our 34 Member countries and their families live.”

“Our condolences, thoughts and prayers are most particularly with the families of the victims. This is a moment when we will all stand more united than ever in defence of the freedoms our democracies hold dear.”  (Read the OECD statement)

Further information on the OECD’s comprehensive contribution to the work of the G20 is available at www.oecd.org/G20

The European Sting came all the way from Brussels to Antalya to report LIVE for its prominent readers top class coverage of the G20 Leaders’ Summit. Do you crave for cutting-edge high quality journalism by Europe’s rising star independent media over this hot long weekend of 15-16 November 2015?

Stay now tuned at www.europeansting.com for 24 hour LIVE Coverage and LIVE Video Streaming from the International Media Center in Belek, Antalya, Turkey. Not your style? You can also keep track of our dozens of social media that are on fire!

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

EU leaders agree to delay Brexit until 31 October

These five exercise trends will help society and your health

Populist Eurosceptics helped by Trumpists seriously threaten the EU edifice

Three ways batteries could power change in the world

It’s a frenzied clash between moderates and no-deal Brexiteers

Tenants ‘forced out their homes’ by global investment firms, say UN experts

Could the EU’s ban on palm oil in biofuels do more harm than good?

Taxes on polluting fuels are too low to encourage a shift to low-carbon alternatives

NEC @ European Business Summit 2014: The Digitally Enabled Grid

This farmer used an age-old technique to save his soil and now his farm is prospering

JADE Testimonial #3: Sebastian @ Fundraising

Despite lagging in the Global Goals, Africa can meet the 2030 deadline: Rwandan President

EU finally agrees on target for 40% greenhouse emission cuts ahead of Paris climate talks

Commission goes less than mid-way on expensive euro

The world has made spectacular progress in every measure of well-being. So why does almost no one know about it?

The hostilities in south and eastern Ukraine resume; where could they lead?

8 fascinating and fearsome frontiers of science you should know about

Court of Auditors: EU budget money is there to be spent not to create value

UN experts report: Business ‘dragging its feet’ on human rights worldwide

St. Vincent and the Grenadines breaks a record, as smallest ever Security Council seat holder

UN rights office calls on Zimbabwe Government to end ‘crackdown’ in response to fuel protests

IMF’s Lagarde to Peoples of the world: You have to work more for the banks!

5 ways to boost sustainable trade in the world’s poorest countries

EU prolongs economic sanctions on Russia by six months

We can build a carbon-neutral world by 2050. Here’s how

EU Parliament semi worried over democratic deficit

Easing fears and promoting gender equality in Chad’s girls-only classrooms

How China Mended My Heart

Statistics show the ugly face of youth training schemes

IMF – World Bank meetings: US – Germany clash instituted, anti-globalization prospects visualized

Students in Milan are moving in with the elderly to fight loneliness and save money

Where are the world’s nuclear weapons?

AIESEC @ European Business Summit 2014: The Digital Era: A New Business Frontier

‘Complacency is still strong’ over stopping genocide, says top UN adviser

Deal on protecting workers from exposure to harmful substances

New roadmap toward healthier and cleaner oceans adopted by UN Environment and European Commission

China in my eyes

Syrians still living on ‘razor edge’ as UN launches $8.8 billion dollar appeal

As the Universal Declaration of Human Rights turns 70 – is it time for a new approach?

Gaza blockade causes ‘near ten-fold increase’ in food dependency, says UN agency

Job automation risks vary widely across different regions within countries

Force used against protestors in Gaza ‘wholly disproportionate’ says UN human rights chief

Cyclone Fani hits India, UN moves to protect vulnerable refugees in Bangladesh

Killing of aid worker in Syria part of ‘disturbing trend’

Europe plans to send satellites into space to monitor CO2 emissions

Commission presents its response to Antisemitism and a survey showing Antisemitism is on the rise in the EU

Globalization 4.0 must provide for the poorest, or it risks causing chaos for everyone

Schengen: MEPs ready for negotiations on temporary checks at national borders

Vienna has the world’s best quality of living

Ahead of key UN-backed Marrakech migration conference, youth recount harrowing journeys

Refugee crisis update: EU seeks now close cooperation with Africa while Schulz is shocked to witness live one single wreck full of immigrants

The AI doctor won’t see you now

Civilian deaths in Afghanistan hit record high – UN

UN expert calls for international investigation into ‘evident murder’ of Jamal Khashoggi

“BEUC cautions against TTIP that would seek to align EU and US chemicals management frameworks”

Fertilisers/cadmium: Parliament and Council negotiators reach provisional deal

New rules make household appliances more sustainable

Cohesion Policy after 2020: preparing the future of EU investments in health

Thursday’s Daily Brief: Climate emergency, call to support breastfeeding, rising political heat and new investigation board for Syria

The EU responds to US challenges by fining Apple with €13 billion

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s