G20 Summit and the declaration highlights

Last Updated: June 30, 2019

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G20 Summit and the declaration highlights
30 June 2019 Current Affairs:

The Group of 20 (G20) nations summit concluded in Osaka, Japan. The summit was held on 28-29 June 2019. The primary aim of the summit is to promote international financial stability. The ongoing trade war between China and the United States topped the agenda.
The G20 is an international leaders' forum comprising 19 countries and the European Union. The grouping represents more than 80% of the world's economic output and two-thirds of its people.

Main Themes:
The main themes of the summit were global economy, Trade and investment, Innovation, Environment and energy, Employment, Women's empowerment, Development, Health.

20 countries:
The G20 countries are Argentina, Brazil, China, Germany, Indonesia, Japan, Australia, Canada, France, India, Italy, Mexico, Republic of Korea, Russia, Turkey, USA, Republic of South Africa, Saudi Arabia, UK and European Union.

G20 Summit Declaration:
Climate change:

The summit addressed the complex and pressing global issues and challenges, including climate change, resource efficiency, air, land, freshwater and marine pollution, including marine plastic litter, biodiversity loss, sustainable consumption and production, urban environmental quality and other environmental issues. The discussion aimed to promote and lead energy transitions, with the best available science, while promoting sustainable growth.
19 members of the G20, except US, pledge full commitment to the "full implementation" of the Paris climate deal, agreeing to look into a wide range of clean technologies and approaches.
Marine litter:
The G20 leaders reiterated that measures to address marine litter, especially marine plastic litter and microplastics, need to be taken nationally and internationally by all countries in partnership with relevant stakeholders.
Innovation: Digitalization, Data Free Flow with Trust:
The countries agreed to work toward achieving an inclusive, sustainable, safe, trustworthy and innovative society through digitalization and promoting the application of emerging technologies. It aims to promote international policy discussions to harness the full potential of data.
Women Empowerment:
Gender equality and women’s empowerment are essential for achieving sustainable and inclusive economic growth. The Summit discussed the implementation of G20 commitments to women's labour participation. It aimed to enhanced support for girl's and women's education including STEM (Science, Technology, Engineering and Mathematics). It also highlighted the engagement with women business leaders and entrepreneurs.
Global Finance:
The countries planned to strengthen the global financial safety net with a strong, quotabased, and adequately resourced International Monetary Fund (IMF) at its center. They committed consistent implementation of the agreed financial reforms to support sustainable growth.
Trade and Investment:
The G20 countries promised to strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep their markets open and reaffirmed their support for the necessary reform of the World Trade Organization (WTO) to improve its functions.
Anti-Corruption:
The countries committed to play a leading role in the global efforts to prevent and fight against corruption. It also aims to promote integrity, by implementing the G20 Anti-Corruption Action Plan 2019-2021 while strengthening synergies among related international instruments and mechanisms. 
Global Health: 
The Countries discussed to strengthen health systems with a focus on quality including through enhancing health workforce and human resources for policy development and promoting public and private sector innovation, such as cost-effective and appropriate digital and other innovative technologies. 
Global Environmental Issues and Challenges:
The summit noticed the work of the International Panel on Climate Change (IPCC) and Intergovernmental Science-policy Platform on Biodiversity and Ecosystem Sources (IPBES). It also recognized the urgent need for addressing complex and pressing global
issues and challenges, including climate change, resource efficiency, air, land, fresh water and marine pollution and other environmental issues, and for promoting and leading energy transitions, with the best available science, while promoting sustainable growth.
Energy: 
The Osaka Summit acknowledged the importance of energy transitions that realize the “3E+S” (Energy Security, Economic efficiency, and Environment + Safety) in order to transform our energy systems into affordable, reliable, sustainable and low greenhouse gas (GHG) emissions systems as soon as possible, recognizing that there are different possible national paths to achieve the goal. 
Global business environment:
As the International trade and investment are important engines of growth, productivity, innovation, job creation and development, the participating countries reaffirmed their support for the necessary reform of the World Trade Organization (WTO) to improve its functions.
They also reassured the commitment to further strengthening the global financial safety net with a strong, quota-based, and adequately resourced International Monetary Fund (IMF) at its center. They committed consistent implementation of the agreed financial reforms to support sustainable growth.

US and Trade Highlights:
♦ The United States reiterates its decision to withdraw from the Paris Agreement because it disadvantages American workers and taxpayers.
♦ US withdrew the imposed sanctions on Turkey for buying Russian-made S-400 missiles.
♦ US withdrew its ban on US companies selling high-tech components to Chinese telecommunications giant Huawei. China will also be buying more US farm goods. US won't raise tariffs on Chinese goods for now. China and the US have agreed to restart trade talks and will have discussions on specific issues.

Daily Current Affairs 2019



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