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

Advertising

Advertising

the European Sting Milestones

Featured Stings

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

Sweden to reach its 2030 renewable energy target this year

The British “nonsense”, the relaxed Commissioner and the TTIP “chiaroscuro” at this week’s Council

Macron defends the idea of European sovereignty

AIESEC Vlog

Youth policy in Europe not delivering for young people

“TTIP can boost the European project”; the Sting reports live from EBS 2015 on TTIP

Eurozone’s credibility rock solid

‘The clock is ticking’ on meeting the Sustainable Development Goals, says UN deputy chief

Trust and support of Iraqis essential for success of UN’s Da’esh terror investigation

Right2Water initiative: Is the Commission ready to listen to citizens?

Europe is no longer an innovation leader. Here’s how it can get ahead

A digital tax sounds like a great idea. Here’s why it might not be universally popular

IMF to teach Germany a Greek lesson

UN chief urges peaceful, free and fair elections in Cameroon

Strengthen inclusion, participation of people with autism to ‘achieve their full potential’ says UN chief

GSMA Announces First Keynote Speakers for 2019 “MWC Los Angeles, in Partnership with CTIA”

Why global collaboration is needed to protect against a new generation of cyber threats

Google case: A turning point in competition rules enforcement

Digital Single Market: Cheaper calls to other EU countries as of 15 May

One year on: EU-Canada trade agreement delivers positive results

Look Mom, even the House of Lords says the #righttobeforgotten is not right

Yellen and Draghi tell Trump and markets not to expedite the next crisis

UN agencies welcome regional road map to help integrate ‘continuing exodus of Venezuelans’

Facebook engineer working at the company’s HQ, Menlo Park, CA (Copyright: Facebook Inc., Source: Facebook Inc.’s website, newsroom)

Facebook goes under formal EU privacy scrutiny after latest massive data breach

What lies ahead for the Korean Peninsula?

Germany not famous for easy way outs from political stalemates

Tools of asset development: Renewable Energy Projects case

Working Muslim women are a trillion-dollar market

UN and partners appeal for $920 million to meet ‘dire needs’ of Rohingya refugees

Congrats to the #FutureofMalta: a new age of voting

Why cities hold the key to safe, orderly migration

US – Russia bargain on Syria, Ukraine but EU kept out

Joint EU-U.S. statement following the EU-U.S. Justice and Home Affairs Ministerial Meeting

Medical workforce migration in Europe – Is it really a problem?

The 13th round of TTIP negotiations hits a wall of intense protests and growing concerns

Juncker Investment Plan for Europe welcomed by European Youth Forum

What is inclusive capitalism, and why does it matter?

Fairer, simpler, more flexible EU farm policy: MEPs vote on post-2020 reform

‘Stop and listen’ to victims of terrorism, UN chief urges in message marking international day

Is the advent of nationalism to destroy economic neo-liberalism?

Commission launches new tool to support digital teaching and learning in schools

France is building a village for people with Alzheimer’s

FROM THE FIELD: One teen’s journey from refugee camp to US school principal

How smarter machines can make us smarter humans

Afghanistan: Bring ‘architects’ of latest ‘appalling’ suicide bombing to justice, says deputy UN mission chief

Austerity lovers and ‘relaxationists’ fight over the EU budget

Germany may prove right rejecting Commission’s bank resolution scheme

Eurozone 2013: Where to?

Vile act of torture prohibited ‘under all circumstances’, UN chief affirms on International Day to support victims

5 lessons for the future success of virtual and augmented reality

Chart of the day: These countries have the highest share of electric vehicles

Take medical use of cannabis seriously, say MEPs

From ‘dead on the inside’ to ‘truly alive’: Survivor of genocide against the Tutsi in Rwanda recounts her story as UN marks 25th anniversary

Hollande protects the euro from the attacks of extremists

The EU to bear the cost of eventual sanctions against Russia

New Syria fighting represents ‘giant powder keg’, warns aid veteran, as he leaves UN stage

Ebola in DR Congo: UN chief ‘outraged’ by recent killings of civilians and health workers

A new way to teach active citizenship to students?

ECB is about to lend trillions to banks

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