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 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

Berlin Calling: DCX Expo on track to grow, in association with The European Sting

Why private capital is the key to unlocking carbon capture at scale

How AI can accelerate the search for treatments for emerging and intractable diseases

CLIMATE CHANGE FOCUS: Cows, coffee and sustainable farming

A ‘system value’ approach can accelerate the energy transition. Here’s how

On International Day, UN stands in solidarity with some 20 detained staff

CO2 emissions on the rise for first time in four years, UN agency warns

Economic uncertainty, geopolitical tensions stall growth in Latin America and Caribbean region, UN says

India’s economy is an ‘elephant that is starting to run’, according to the IMF

These are the 3 key skill sets workers will need to learn by 2030

A Sting Exclusive: Paris Climate Change Summit, a defining moment for humanity, by Ulf Björnholm Head of UNEP Brussels

Statement by Cecilia Malmström, Member of the EC in charge of Trade, on the successful conclusion of the final discussions on the EU-Japan Economic Partnership Agreement (EPA) – Brussels, 08 Dec 2017. (Copyright: European Union; Source: EC - Audiovisual Service; Photo: Georges Boulougouris)

The EU and Japan seal free trade pact that will cover 30% of global GDP

What’s happening to Greenland will affect the whole world – and our leaders need to understand why

A Glimpse into the Future of the Health with Mobile Technology

UN chief ‘deeply alarmed’ over military offensive in south-west Syria

Electric fleets can fuel decarbonisation efforts. Here’s how

We need natural solutions to fight ocean and climate risk

10 ways central banks are experimenting with blockchain

The challenges of the universalization of the health system in Brazil. What can we change?

Around 23 million boys have married before reaching 15; ‘we can end this violation’ says UNICEF chief

YO!FEST ENGAGES 8,000 YOUNG EUROPEANS IN FUTURE OF EU

Libya: $202 million needed to bring life-saving aid to half a million people hit by humanitarian crisis

Commission proposes to purchase up to 300 million additional doses of BioNTech-Pfizer vaccine

Eurozone cannot endure any longer youth marginalisation

3 reasons why embracing the circular economy can be powerful for middle income countries

We don’t know how autonomous vehicles will depreciate – and that’s a problem

How to provide health education and thus create better health systems

EU budget deal struck with Parliament negotiators

The COVID-19 recovery can be the vaccine for climate change

EU ready to relinquish its internal tax havens

Security Council urges ‘maximum restraint’ around Gulf region as Iran and United States trade diplomatic blows in New York

Will the French let Macron destroy their party political system?

Commission sets moderate greenhouse gas reduction targets for 2030

Systems leadership can change the world – but what exactly is it?

The Great Reset requires FinTechs – and FinTechs require a common approach to cybersecurity

Rural women a ‘powerful force’ for global climate action: UN Secretary-General

Tartu Call for a Healthy Lifestyle shows concrete results for EU citizens

Mergers: Commission opens in-depth investigation into proposed acquisition of DSME by HHIH

Colourism: How skin-tone bias affects racial equality at work

Kors and Nyong’o: Food, fashion and film join forces at UN, for the world’s hungry

EU adopts €55 million support package for Syrian refugees and local communities in Jordan and Lebanon to mitigate coronavirus pandemic

Does Greece really weigh what is asking for today in Russia?

Why moral leadership matters now more than ever

UN recognises role of sport in achieving sustainable development

Draghi’s 2018 compromise: enough money printing to revive inflation and check euro ascent

Prevention is key to ‘breaking the cycle of HIV transmission’, UN chief tells General Assembly

UN chief welcomes agreement by rival leaders in South Sudan, as a step towards ‘inclusive and implementable’ peace

Germany and OSCE support an east-west dialogue in Ukraine without exclusions

Coronavirus: the truth against the myths: Lockdown by a novel coronavirus, named 2019-nCoV

Chart of the day: These are the cities where the World Cup threatens productivity the most

This woman solved one of the biggest problems facing green energy

In Gaza, UN envoy urges Israel, Palestinian factions to step back from brink of a war that ‘everybody will lose’

Trash bin at the top of the world: can we prevent Arctic plastic pollution?

These are the world’s 20 most dynamic cities

European Commission increases support for the EU’s beekeeping sector

Lithuania should find its own way in the EU

How man and machine can work together in the age of AI

Waste-free consumption: 3 reasons why cities will lead

Generation Z will outnumber Millennials by 2019

Fleeing Venezuela: MEPs to probe humanitarian conditions in Colombia and Brazil

More Stings?

Advertising

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