– V.Srinivas IAS –
– G 20 A Decade in Multilateralism – Part 7 –
The Anatalya Summit of 2015 was held in an environment of uncertainty, with significant transitions in the global economy. The US monetary policy was set to be normalized while monetary policies in major currency areas set to be loosened further, China’s economy was embarking on a historical and multi-year rebalancing of its growth model, and the decade long commodity volatility cycle seemed to be over. International migration had emerged as a major challenge for both sending and receiving countries. Given that the summit was held in Turkey in the backdrop of civil war in Syria, the G20 discussed the social implications and economic impact of international migration.
In 2015 the global economy was projected to grow at 3.5 percent, which was the fastest pace of growth since 2011. Emerging Market Economies were also expected to witness growth momentum. China’s economy was transiting to a slower, more sustainable growth path. A successful transition without spillover effects on trade and commodities necessitated significant global cooperation. On the Development front, the Brisbane Summit’s developmental agenda necessitated resource allocations, implementation strategies and in some cases a policy upgrade.
The G20’s comprehensive agenda for Anatalya Summit included decisive implementation of past commitments, boosting investments as a powerful driver of growth and promoting inclusiveness so that benefits of growth are shared. The G20 remained committed to lift their collective GDP by an additional 2 percent by implementation of growth strategies that include measures to support demand and structural reforms. The Anatalya Action Plan reflected the growth priorities of the G20 along with implementation schedules for key commitments. To provide strong impetus to boost investment, country specific investment strategies were estimated to increase the G20 investment to GDP ratio by 1 percent.
Unemployment, underemployment and informal jobs were a major challenge faced by G20 countries. The Anatalya Summit focused on promoting more and better quality jobs. The G20 Framework on Promoting Quality Jobs and the G20 Skills Strategy were adopted. The G20 Skills Strategy was aimed at imparting skills to young people who were at the risk of being permanently left behind. Global Trade and Investment remained the important engines of development and employment. Global Trade-growth continued to be below pre-crisis levels and the G20 adopted adjusted growth strategies to restore trade growth to pre-crisis levels.
The G20 remained committed to strengthening resilience of financial institutions and enhancing the stability of the financial system. The G20 finalized common international standard on total loss absorbing capacity for systemically important banks. They agreed to strengthen the oversight and regulation of the shadow-banking system to ensure resilience of market-based finance. To reach a globally fair and modern international tax system, a package of measures developed under the G20/ OECD Base Erosion and Profit Sharing Project were adopted, in particular the exchange of information on cross-border tax rulings. A G20 Anti-Corruption Plan and the G20 High Level Principles on Integrity and Transparency in Private Sector were also adopted to bring transparency in private sector. To bring transparency in public sector, the G20 Principles for Promoting Integrity in Public Procurement were adopted.
The G20’s developmental agenda included adoption of the G20 and Low Income Developing Countries Framework to strengthen the dialogue on development. The 2030 Agenda including Sustainable Developmental Goals (SDGs) remained the basic framework for the G20’s developmental agenda. The G20 continued its work on Global Partnership for Financial Inclusion and on the G20 Principles for Energy Collaboration. On Climate Change the G20 reaffirmed its commitment to the below 2 degrees C goal and to contribute to the UNFCCC ahead of the Paris Conference on Climate Change.
The massive refugee crisis due to civil war in Syria was discussed in the G20 given the massive social and economic consequences. The G20 committed to continue further strengthening support for all efforts to provide protection and assistance and to find solutions for the unprecedented numbers of refugees and internally displaced persons. Refugee settlement, humanitarian aid, education and livelihood for settlers were seriously considered along with emphasis on the importance of political solutions.
Anatalya witnessed the diversification the G20 Agenda to cover Energy Sector issues and greater commitment to multilateral collaboration for Climate Change initiatives and humanitarian issues of migration.
The road from Anatalya, Turkey in 2015led to Hangzhou in 2016 and Hamburg in 2017.
G 20 A decade in multilateralism
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G20- A decade in multilateralism – A lecture by V.Srinivas IAS
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About the author
V.Srinivas IAS
Senior Bureaucrats and Author
V.Srinivas is an IAS officer of 1989 batch, currently posted as Chairman Board of Revenue for Rajasthan and Chairman Rajasthan Tax Board.
He has served as Advisor to Executive Director (India) in the IMF, Private Secretary to Finance Minister & External Affairs Minister Government of India and Planning & Finance Secretary Rajasthan.
Disclaimer : The views expressed by the author in this feature are entirely his own and do not necessarily reflect the views of INVC NEWS.
