The Group of 20 will focus on promoting stronger economic growth and employment outcomes, and making the global economy more resilient to deal with future shocks, as the priorities of its 2014 presidency.
Daniel Sloper, Special Representative for the G20 of Australia, held a briefing for UN Member States on 24 July 2014, in New York, US.
24 July 2014: The Group of 20 will focus on promoting stronger economic growth and employment outcomes, and making the global economy more resilient to deal with future shocks, as the priorities of its 2014 presidency. Daniel Sloper, Special Representative for the G20 of Australia, reported on the event during a briefing for UN Member States on 24 July 2014, in New York, US.
Among the proposed strategies to stimulate growth, Sloper enumerated: attracting private infrastructure investment; removing obstacles to trade; creating jobs and lifting participation; and empowering development. In 2014, the G20 Development Working Group work themes will be helping build better investment environments, tax administration in developing countries, access to financial services, food security, and human resources development, especially improving skills.
Sloper underlined that “strong, sustainable and balanced growth” implies strengthening coherency across the G20 finance agenda – which is focused on investment/ infrastructure, modernizing tax systems, and strengthening the international financial system – and the G20 development agenda – which is focused on helping build better investment environments, tax administration in developing countries, and access to financial services.
On building global economic resilience, he highlighted: reforming the global financial system (building the resilience of banks; helping prevent and manage the failure of globally important financial institutions; making derivatives markets safer; and improving oversight of the shadow banking sector); strengthening tax systems (modernizing the tax systems and strengthening public finances; strengthening international cooperation to combat tax base erosion and profit shifting); strengthening energy market resilience (supporting international efforts to improve operation of global energy markets and increase cooperation between major producers and consumers; working on energy efficiency and transparency of energy markets); and reforming global institutions (providing a bigger voice in the IMF for emerging economies).
Sloper stressed that, in implementing the G20 agenda, Australia will work with the business sector, the civil society, think tanks and youth. [IISD RS Sources]