{"id":2827,"date":"2014-11-15T23:44:12","date_gmt":"2014-11-15T23:44:12","guid":{"rendered":"http:\/\/english.thesunrisetoday.com\/?p=2827"},"modified":"2014-11-15T23:44:12","modified_gmt":"2014-11-15T23:44:12","slug":"g-20-aims-for-more-prosperous-global-economy","status":"publish","type":"post","link":"https:\/\/english.thesunrisetoday.com\/index.php\/g-20-aims-for-more-prosperous-global-economy\/","title":{"rendered":"G-20 aims for more prosperous global economy"},"content":{"rendered":"

\"G20\"<\/a>G-20 finance ministers are determined to do whatever it takes to boost growth and create new jobs for a more prosperous global economy.
\nThe ministers met in Brisbane for their fifth and final meeting under Australia\u2019s Presidency in 2014.
\n\u201cThe focus of our efforts this year are based on a collective determination to deliver more economic growth and, as a result of that, more jobs,\u201d said a statement from Treasurer Joe Hockey.
\nHockey said: \u201cWhen we first met in February, we agreed to an agenda that was seen as ambitious at the time \u2014 a time of challenging economic circumstances. Through hard work and strong resolve, I am very pleased we have delivered on that plan for the G20 Leaders.\u201d
\nThe statement said: \u201cAt the beginning of the year we faced an uncertain outlook for the global economy. We discussed the implications of US tapering and our concerns about the resilience of European financial institutions. We focussed on the need to address weaknesses in the global tax system.\u201d
\nIt said: \u201cWe announced the Sydney Declaration to lift growth by more than 2 percent by 2018, an unprecedented break from business as usual for the G-20.\u201d
\nThis ambition translates into around $2 trillion in additional global economic activity and millions of new jobs.
\n\u201cWhile we still face economic challenges in many parts of the world, I am optimistic our 2 percent commitment will deliver the growth the world needs,\u201d added the statement.
\n\u201cI want to emphasize that my Finance Minister colleagues and I are resolute in our determination to use all policy levers to generate growth and jobs,\u201d it added.
\n\u201cToday we discussed the current economic outlook. We welcomed the support for global activity flowing from the Asia region and the signs of growth in the US, the UK, Spain and Canada,\u201d added the G-20 statement on the finance ministers\u2019 meeting in Brisbane.
\n\u201cWe also discussed the challenges of delivering growth in Japan and Europe,\u201d said Hockey.
\nThe statement added: \u201cOur individual growth strategies include over 1000 measures that will lift infrastructure investment, increase trade and competition, cut red tape and lift labor market participation. This has been a year of promise and delivery for the G-20.\u201d
\nIt said: \u201cAt the beginning of the year, everyone knew that there was an infrastructure investment gap, but there was no plan to deal with it. Finance Ministers met over dinner in Sydney and came away with a clear sense of what the challenges were and a resolve to do something about it.\u201d
\nHockey said: \u201cSo in Cairns in September, we delivered on a Global Infrastructure Initiative, and we are now working toward a Global Infrastructure Hub that will partner with the private sector to facilitate billions of dollars of new investment.\u201d
\nThe statement said: \u201cAt the beginning of the year, we faced a large and unfocussed financial regulation agenda. We needed to substantially complete that agenda if we were to provide certainty and resilience for the financial system.\u201d
\nIt said: \u201cThanks to the significant effort of Mark Carney and the Financial Stability Board we have delivered on our commitments, which included implementing initiatives to strengthen banking system, addressing risks in the shadow banking sector, making derivatives markets safer and addressing the problem of banks that are too big to fail. This will make the global financial system safer and more resilient to future challenges.\u201d
\nHockey said: \u201cAt the beginning of the year we set out to restore integrity and resilience to our tax bases, and give our citizens the confidence that everyone is paying their fair share of tax.\u201d
\nHe said: \u201cNow I can say that we will bring international tax rules into the 21st century and ensure the rules keep pace with changing business models.\u201d
\nThe statement added: \u201cWe have reached consensus on all of the 2014 OECD\u2019s Base Erosion and Profit Shifting Action Plan deliverables, and this keeps the action plan on track for completion in 2015.\u201d
\nHe said: \u201cOur effort has continued right up to this Summit, and I welcome the recent proposal to amend certain intellectual property regimes or \u2018patent boxes\u2019 to ensure that they are not inappropriately used for tax avoidance. This proposal continues our work on harmful tax practices and I commend it to other G20 and OECD members for their consideration.\u201d
\nHockey said: \u201cWe are also increasing transparency to crack down on tax cheats. Australia is among the countries leading the way on automatic information exchange initiatives.\u201d
\nIt has been a remarkable year with a strong sense of cooperation and goodwill amongst the membership, said the G-20 statement.
\nWith the G-20 representing 85 percent of the world economy, our collective achievements represent a significant outcome \u2013 it shows again what the G20 can do when we all work together.
\n\u201cWhile we have worked hard this year, we must maintain our momentum \u2013 we have to continue to implement what we have agreed,\u201d said the statement.
\nHockey said Turkey has identified next year as a year of \u2018deeds\u2019.
\nIn Cairns, Minister Babacan emphasized that there would be seamless continuity from this year\u2019s agenda.
\n\u201cThe G-20 will focus on the implementation of our collective commitments. We will hold each other to account for our actions,\u201d said Hockey.
\n\u201cOur optimism for the future is based on the plans that I have outlined,\u201d said the statement.
\n\u201cI repeat, finance ministers are determined to do whatever it takes to boost growth and create new jobs for a more prosperous global economy,\u201d it added.<\/p>\n

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