The Heads of State and Government of the Group of 20 (G20) have pledged to protect the world from the COVID-19 pandemic and restore growth. The 2020 Leaders’ Summit focused on the theme “Realizing 21st Century Opportunities for All by Empowering People, Protecting the Planet and Shaping New Frontiers”.
The “G20 Summit in Riyadh” was held virtually on November 21-22. The Saudi G20 Presidency has focused on issues such as structural inequality and debt repayment at a time when resources are needed to tackle the pandemic and ensure sustainable development.
In the Leaders’ Statement, G20 leaders pledge to lead the world in shaping a “strong, sustainable, balanced and inclusive post-COVID-19 era” and stress the importance of “coordinated global action, solidarity and multilateral cooperation” to overcome current challenges and create opportunities for all by “empowering people, protecting the planet and shaping new frontiers”. The Declaration focuses on four areas:
- jointly rise to the challenge of dealing with the pandemic, in particular by implementing the Debt Service Suspension Initiative (DSSI) and endorsing the Common Framework for Debt Treatment beyond the DSSI;
- building a resilient and sustainable recovery, including points on health, trade and investment, and other financial topics;
- ensure an inclusive recovery that addresses inequalities, including issues related to sustainable development, access to opportunities, employment, women’s empowerment, education, tourism, migration and forced displacement; and
- ensuring a sustainable future, through work on the environment, energy and climate, agriculture and water.
A G20 press release notes that the G20 DSSI will provide the poorest and most vulnerable countries with “urgent and immediate liquidity relief from official bilateral creditors.” The Initiative is providing USD 14 billion in 2020 to fight the pandemic and its economic and social impacts. In addition, the Multilateral Development Banks (MDBs) are working to provide $75 billion to DSSI-eligible countries between April and December 2020, as part of a larger $230 billion package for developing countries. low income and emerging. According to the statement, G20 countries have also provided $21 billion to improve pandemic preparedness and response, and more than $1 trillion to support the global economy.
On building a resilient and sustainable recovery, leaders addressed, among others:
- the importance of addressing health and preparedness, prevention, detection and response to global pandemics and achieving universal health coverage (UHC), and tackling antimicrobial resistance (RAM) and zoonotic diseases based on a One Health approach;
- trade and investment, including endorsing G20 actions to support global trade and investment on the future of the World Trade Organization (WTO) and recognizing the contribution of the Riyadh Initiative on future of the WTO by providing a further opportunity to discuss and reaffirm the objectives and principles of the multilateral trading system (MTS) and to demonstrate continued political support for WTO reform. Leaders further recognize the need to increase the sustainability and resilience of supply chains in order to foster the integration of developing and least-developed countries (LDCs) into the trading system and promote inclusive economic growth. , including through increased participation of micro, small and medium-sized enterprises (MSMEs) in international trade and investment;
- transport and travel, including ensuring that transport routes and global supply chains remain open, safe and secure;
- international financial architecture, including a commitment to continue the process of reforming the governance of the International Monetary Fund (IMF) and an invitation to the IMF to prepare an analysis of the external financing needs of low-income developing countries in the coming years to come, outlining sustainable options;
- financial sector issues, such as a commitment to the Financial Stability Board principles that underpin national and international responses to COVID-19 and a work plan to improve the resilience of the non-bank financial sector;
- the digital economy, recognizing that universal, affordable and secure connectivity is a key enabler of the digital economy and a catalyst for inclusive growth, sustainable development and innovation;
- international taxation; and
- anti-corruption, including hosting the first G20 anti-corruption ministerial meeting and endorsing the G20 call for action on corruption and COVID-19.
On ensuring a sustainable future, leaders committed to protecting the planet and building a more sustainable and inclusive future for all, including by preserving the marine and terrestrial environment ahead of the next 15th meeting of the Conference of the Parties ( COP) to the Convention on Biological Diversity (CBD). Leaders launched the Global Platform for Accelerating Coral Reef Research and Development to Conserve Coral Reefs and the Global Initiative on Reducing Land Degradation and Improving Conservation of Terrestrial Habitats to prevent, stop and reverse land degradation. They reaffirmed their commitment to reducing marine plastic litter and ending illegal, unreported and unregulated (IUU) fishing. Leaders further recognized the importance of accelerating universal access to affordable and reliable energy for all, and endorsed the Caribbean Circular Economy Platform.
Signatories to the Paris Agreement on climate change reaffirmed their commitment to its full implementation, reflecting common but differentiated responsibilities (CBDR) and respective capabilities.
Addressing the Summit, UN Secretary General António Guterres describe three key areas where G20 leadership is essential to building an inclusive, sustainable and resilient future:
- stop the spread of the pandemic;
- mobilize resources to build better; and
- align recovery efforts with the 2030 Agenda for Sustainable Development and the Paris Agreement.
He said we have a “moral obligation” to ensure that the trillions of dollars “we borrow from future generations” for COVID-19 recovery “do not leave them burdened with a mountain of debt on a planet. broken”.
In one address, WTO Deputy Director-General Alan Wolff identified three challenges facing WTO members: using trade to drive economic recovery from the COVID-19 pandemic; facilitate trade in essential medical products needed to treat the pandemic; and reforming the institutions that govern global trade, including restoring the deliberative and negotiating functions of the WTO and providing binding dispute settlement. He said a trade finance initiative should be seen as an essential part of economic recovery and urged the G20 to support the WTO’s work on economic recovery, pandemic response and reform. of the WTO.
The G20 brings together some of the largest economies, representing around 85% of the world’s gross domestic product (GDP), to discuss the world’s toughest socio-economic issues. The G20 is made up of 19 countries and the EU. The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, Republic of Korea, Turkey, United Kingdom and United States. In 2020, Spain, Jordan, Singapore and Switzerland were invited as guest countries. [G20 Summit Leaders Declaration] [G20 Summit Website] [Summit Press Room] [G20 Press Release on COVID-19 Measures]
