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!

the sting Milestones

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

Obesity rates soar due to dramatic global diet shift, says UN food agency

Which countries get the most sleep – and how much do we really need?

EU mobilises emergency assistance following floods in Ukraine

Change is happening – and young people are leading the way forward

Women must have an equal share in politics, say MEPs and national MPs

Making the move to more sustainable mobility – three steps for companies

How Europe’s science offers hope in tackling the climate emergency

The EU Commission by serving the banks offers poor support to European mainstream political parties

Creating shared value: an opportunity and challenge for entrepreneurship

May led Britain to chaos, now looks for way out with unpredictable DUP

Why maps matter in our response to COVID-19

A record one million Syrians displaced over six months, during six key battles: UN investigators

American negotiators can’t pay for their trip to Brussels, EU-US trade agreement freezes

We need to protect 30% of the planet by 2030. This is how we can do it

The Commission calls for a climate neutral Europe by 2050*

Negotiations on new EU collective redress rules to begin

How to unleash the enormous power of global healthcare data

EYE to kick off on Friday: 8000+ young people discussing the future of Europe 1 – 2 June

On Kristallnacht anniversary, UN chief urges renewed fight against ‘crime’ of anti-Semitism

At last Britain considers a super-soft Brexit

A Sting Exclusive: “Europe must be more ambitious in COP21 and lead on climate finance and sustainable development”, Green UK MEP Jean Lambert points out from Brussels

UN must bring more women police officers into the fold to be effective – UN peacekeeping official

This simple solution might help with one of the biggest challenges of working from home

Consumer protection: Commission revises EU rules on product safety and consumer credit

Libya’s migrants and refugees with tuberculosis ‘left to die’ in detention centres

How Europe’s green tech ‘scale-ups’ can help tackle climate change

Eurozone’s credibility rock solid

Coronavirus: Commission unveils EU vaccines strategy

#TwitterisblockedinTurkey and so is Erdogan

This is why attractive cities do better economically

Global hunger is on the rise. These simple steps could help eradicate it

UN General Assembly celebrates 20 years of promoting a culture of peace

UN chief seeking ‘renewed commitment’ to global rules and values, as world leaders head to New York

EU founding values: Commission starts legal action against Hungary and Poland for violations of fundamental rights of LGBTIQ people

This wristband tells you what food to buy based on your DNA

Disillusioned young people – France thinks it has a solution

New El Salvador law, a victory for forced displacement victims: UN refugee agency

Look no hands: self-driving vehicles’ public trust problem

GSMA Mobile 360 – Africa: Rise of the Digital Citizen, Kigali 16 – 18 July 2019, in association with The European Sting

Is there a way out of the next financial crisis? Can more printed money or austerity save us all?

Do we really understand the value of independent journalism?

The EU bows to Turkey in view of the talks for a political settlement in Syria

Syria: Why did the US-Russia brokered ceasefire collapse? What does the duo care for?

Coronavirus in Brazil: mental health in tragedy

The technologies – and thoughtful collaborations – that can build resilience in the food system after COVID-19

Union of Equality: European Commission presents Strategy for the Rights of Persons with Disabilities 2021-2030

Politics is failing to protect the Amazon. It’s time for finance to step up instead

To save biodiversity, MEPs call for binding targets at global and EU level

Visa-free access to the EU for UK nationals and to the UK for EU nationals

Teenagers’ career expectations narrowing to limited range of jobs, OECD PISA report finds

The new era of Matriarchy?

EU solidarity in action: Commission proposes €86.7 million for the recent natural disasters in France and Greece

African cities will double in population by 2050. Here are 4 ways to make sure they thrive

How to stay in shape and step up support for refugees

Elections in Britain may reserve a surprise for May’s Tories

19th EU-China Summit: A historical advance in the Chino-European rapprochement

International community urged to deliver on promise for better future for Bosnia and Herzegovina

Grexit no longer a threat but how to manage a “tutti frutti” government if not with fear?

What is blockchain and what can it do?

The world needs a grand coalition to tackle climate change

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