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

Advertising

Featured Stings

Commission’s Youth Initiative fails first hurdle by not sufficiently consulting young people

Ukraine takes EU money and runs to sign with Russia

China in my eyes

Brexit update: Leave campaign leads race but undecided voters will determine the outcome of the EU referendum

At the edge of humanity: refugee healthcare in Greece and the EU

Italy can stand the US rating agencies’ meaningless degrading

The Parliament defies a politically biased Banking Union

COP21 Paris: The Final Agreement Adopted-full text

South Eurozone needs some…inflation and liquidity

Berlin to pay at the end for Eurozone banks’ consolidation

Intel @ European Business Summit 2014: Better decisions now, the new business dashboard 

Commission paralysed before the banking leviathan

ECOFIN: Protecting bankers and tax-evaders

European financial values on the rise

Mixed news about the Eurozone economy

ECB’s billions fortify south Eurozone except Greece; everybody rushes to invest in euro area bonds zeroing their yields

EU officially launches its first naval mission against migrant smugglers

Europe provides financial support to African countries while Turkey denies to change terrorism laws jeopardising the EU deal

Greferendum: the biggest political gaffe in western modern history to tear Europe apart? #Grexit #Graccident

Youth policy in Europe not delivering for young people

“CETA is a game changer for major trade agreements”. The Sting reports live from EBS 2015

Eurozone to enter the winter…

“Hasta la vista” Google says to Spain and now Europe is next?

The Sting’s Team

YOUTH RIGHTS AT RISK FROM RISE OF EXTREME-RIGHT AND POPULISTS IN THE EUROPEAN PARLIAMENT

Should Europe be afraid of the developing world?

Junker for Commission President: What were the stakes in this affair

EU Commission spends billions without achieving targets

The Franco-German axis considers that all EU needs now is more armaments

Health Education, is it a necessity?

VW emissions scandal: While U.S. car owners are vindicated, Europe still unable to change its laws and protect its consumers

EU-US relations on the dawn of the Trump era

A Young student assesses the Programme for International Student Assessment (PISA)

Brexiteer May gets lip-service from Trump and Turkish promises from Erdogan

A young European voice on Grexit: too high a bill and too big a deal!

Who is to lose from the 6-month extension of the EU economic sanctions against Russia?

Eurogroup asked to reduce public debts of its member states

Early signs of growth in Eurozone?

COP21 Breaking News_03 December: Transport Industry Drive for Improved Energy Efficiency and Electro-Mobility to Stem High Growth of Emissions

The EU Commission to fight unemployment tsunami with a…scoreboard

CHINA UNLIMITED. PEOPLE UNLIMITED. RESTRICTIONS LIMITED

G20 World Exclusive Interview: “The world, especially emerging economies and developing countries, require a more sustainable and quality development”, the Spokesperson of Japan underscores live from Antalya Turkey

Not much of a help the new EU Directive on pensions

The strong version of the EU banking union gains momentum

WhatsApp to face scrutiny from EU regulators task force over data sharing with Facebook

German and French bankers looted the Irish and Spanish unemployed

Deutsche Bank: the next financial crisis is here and the lenders need €150 billion from taxpayers

Commission to decide definitely on genetically modified Maize 1507 seed

The Tears of lovely Memories

IMF v Germany: Eurogroup keeps the fight under control

No recovery for EU economy in sight and a Brexit can aggravate things for everyone

Google once more under EU crossfire from a possible record fine and new Right to be forgotten case

G20 LIVE: G20 Leaders’ Communiqué Antalya Summit, 15-16 November 2015

Community Manager – 1289

No end to Deutsche Bank’s problems: new litigations in the US and frailty in EU stress test

Trump’s Russian affair spills over and upsets Europe

Can the EU afford to block China’s business openings to Europe by denying her the ‘market economy status’?

Global Talent – Professional Internships

German heavy artillery against Brussels and Paris

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 )

Twitter picture

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

Facebook photo

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

Google+ photo

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

Connecting to %s