For Immediate Release

Office of the Press Secretary

July 8, 2005

Fact Sheet: Accomplishments at the G-8 Summit 

Presidential Action

 Today the President, with his G-8 partners, brought the Summit to a successful conclusion, with respect
for the victims of yesterday's savage attacks and in defiance of the perpetrators. The leaders took
significant steps to make the world better and safer and improve human life, in contrast to the terrorists
who seek to destroy it.

The President complimented Prime Minister Blair for his leadership in spotlighting the important issues of Africa
and climate. The G-8 also addressed a wide variety of issues, including: the global economy, energy, oil, trade,
intellectual property rights, regional issues, post-tsunami recovery, counter-terrorism, safety, non-proliferation,
and reform in the Broader Middle East.

Africa. The G-8 re-committed itself to partnering with African nations to achieve their vision of sustainable growth,
development and active participation in the world economy. The G-8 set out concrete measures that will have a
real impact on bettering the lives of African people, advancing several important U.S. priorities.

 Debt relief - The President and Prime Minister led the G-8 toward full cancellation of the debt of Heavily
Indebted Poor Countries.
 Humanitarian - Prime Minister Blair and President Bush encouraged the G-8 to help fund the urgent needs
of millions of Africans affected by famine and conflict.
 Fighting Malaria - The G-8 heeded the President's call to dramatically reduce malaria as a major killer of
children in sub-Saharan Africa.

Climate. The G-8 also dealt with the issue of climate change in a constructive way that builds on common ground
and, for the first time, included developing nations in climate discussions. Together, the G-8 have reached
consensus on an approach to climate change that joins together developed and developing countries and
acknowledges the inter-related challenges of energy security and development. The Plan of Action, agreed by
leaders, contains concrete steps to help:

 Transform the way we use energy by improving efficiencies in power generation, transportation, buildings
and appliances;
 Power a cleaner future by promoting the use of nuclear power, clean coal technologies, clean diesel and
methane, renewable energy, bioenergy and more efficient power grids;
 Strengthen research and development of hydrogen-powered vehicles that emit only water not fumes.

Peace in the Middle East. G-8 leaders recommitted themselves to advancing peace in the Middle East by:

 Supporting the work of Quartet Special Envoy for Gaza Disengagement James Wolfensohn regarding the
Israeli withdrawal from Gaza and parts of the West Bank;
 Stimulating financial contributions over the coming three years to help build the Palestinian economy;
 Calling for an absolute end to all acts of violence and terrorism; and
 Applauding the people of Lebanon on the recent democratic elections there, pledging support for the new
government of Lebanon, and urging the complete withdrawal of all Syrian forces.
Broader Middle East and North Africa Region. The G-8 leaders agreed to strengthen the Broader Middle East and
North Africa initiative developed last year by:

 Working to advance democracy and reform in the Broader Middle East and North Africa region through
continued commitment to the initiatives launched at Sea Island last year;
 Engaging with regional partners, civil society and other partners to build further momentum and to
advance freedom;
 Looking to the Forum for the Future in Bahrain this November to continue work together to support the
BMENA initiative; and inviting additional interested countries to join in these activities.

Counter-terrorism. The events in London were a tragic reminder of the nature of the enemies that we face in the
global war on terror. G-8 leaders invited all countries to join them in a sustained commitment to identify and
reduce the terrorist threat, promote freedom and security, protect democracy and ensure the rule of law. They
committed to:

 Working relentlessly to track down terrorists, cut off their funding, impede their planning, disrupt their
networks, deny them safe haven and bring them to justice;
 Protecting the transportation infrastructure through full implementation of the 28-point Secure and
Facilitated International Travel Initiative (SAFTI);
 Working together with the UN and other international and regional organizations to strengthen the
political will and capacity of countries to counter terrorism.

Nonproliferation. The United States joined today with G-8 partners in reaffirming a strong commitment to counter
the proliferation of weapons of mass destruction, particularly focusing on countering the threat of terrorists
acquiring such weapons. The G-8 agreed to take forward this important work through:

 Committing to restraints on exports of enrichment and reprocessing technology for another year while
pursuing stronger constraints on countries with nuclear weapons ambitions.
 Helping to achieve full implementation of UN Security Council Resolution 1540 on non-proliferation and
providing assistance where necessary and feasible.
 Supporting the Proliferation Security Initiative and promoting deeper and broader cooperation against
proliferation networks, particularly proliferation financing.

Global Economy and Oil. President Bush highlighted the strong outlook for U.S. economic growth, employment,
and deficit reduction. The G-8 Leaders agreed to take action to address global imbalances and high and volatile oil
prices, specifically:

 Take action to foster stronger and more widely-shared growth, such as efforts to help increase national
saving, and structural reforms in Europe and Japan to boost growth, jobs, and domestic demand;
 Encourage oil producing countries to increase production capacity by creating favorable investment
climates, developing stable regulatory frameworks, and increasing opportunity for foreign investment;
 Work together with other countries to reduce oil market volatility through more comprehensive,
transparent, and timely data, including through the Joint Oil Data Initiative (JODI).
Trade
President Bush pressed leaders to commit to ambitious trade reforms that lead to increased economic
opportunity, the promotion of economic development and the alleviation of poverty. The President emphasized
that a successful conclusion to the WTO Doha Development Agenda (DDA) would create new market opportunities
that could lift millions out of poverty. Through his efforts, G-8 leaders approved a G-8 Leaders Statement whereby
leaders, among other actions:

 Pledged to work to further increase momentum towards an ambitious and balanced outcome in the DDA
negotiations, our highest common priority in trade policy for the year ahead;
 Committed to substantially improving market access, substantially reducing trade-distorting domestic
support, and eliminating all forms of export subsidies; and
 Committed to improving the participation of developing countries and supporting increased trade,
including south-south trade and regional integration which is crucial to catalyzing economic growth and
raising incomes in developing countries.

IPR
President Bush secured agreement with leaders on a G-8 Leaders Statement urging action against intellectual
property rights piracy and counterfeiting. Building on the Bush Administration's initiative to stop trade in pirated
and counterfeit goods, the G-8 leaders committed G-8 countries to, among other actions:

 Improve coordination of anti-counterfeiting and anti-piracy crime strategies, and ensure closer co-
operation among enforcement officials;
 Enhance detection and deterrence of the distribution and sale of counterfeit goods through the internet
and combat online theft;
 Work closely with developing country partners to strengthen legislation, and build and help to improve
national anti-counterfeiting, anti-piracy and enforcement capacities through shared best practices, training
and technical assistance to help achieve our shared development goals.

Indian Ocean Tsunami. Led by public and private assistance from the United States, latest figures suggest about $9
billion have been contributed to tsunami relief and reconstruction. G-8 leaders agreed to support international
efforts to:

 Building on existing systems, create an all-hazards early warning capacity through UN mechanisms;
 Strengthen disaster risk reduction including greater focus and resources; and
 Improve coordination and timeliness of humanitarian relief efforts, both bilaterally and through the
United Nations.

G-20 Accomplishments Beyond Expectation

By Jeffrey Sachs
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LONDON—The G-20 came through. What I witnessed as a member of Secretary General Ban Ki-Moon’s
delegation was deeply heartening. The leaders were serious, consequent, and - yes - even efficient in
their work. UK Prime Minister Gordon Brown ably chaired the conference, President Barack Obama
brought America back to global diplomatic leadership, and a number of leaders filled the room with
intelligence, commitment, and determination to cooperate. Standouts included Jose Luis Zapatero of
Spain, Kevin Rudd of Australia, Felipe Calderon of Mexico, Hu Jintao of China, and Lula da Silva of Brazil.

The results were beyond what most, including myself, expected. IMF resources were raised significantly,
to provide a liquidity cushion for global trade and production. The World Bank and regional
development banks (such as the African Development Bank) were encouraged to boost lending, backed
by commitments of the G-20 to raise the capital base of these multilateral banks. Taken together, the
combination of new credit lines of all sorts - in effect, new liquidity - is on the order of $1.1 trillion.
While this is much less than direct spending in its effect on aggregate demand, the contribution to
increased global liquidity will certainly be helpful for many economies, especially emerging-market
economies suffering from an intense credit squeeze since the Lehman bankruptcy last fall.

Serious progress was also made on a framework of tighter global financial regulations, including controls
on executive compensation, crackdowns on tax havens, controls over hedge funds, and much-needed
regulation of the “shadow banking” system (broadly meaning investment funds that depend on very
short-term borrowing in forms that compete with bank deposits). There were also commitments to new
forms of global cooperation in financial regulation, including procedures for removing toxic assets from
bank balance sheets. The G-20 also agreed to do better in the fight against creeping protectionism.

The poorest countries, by and large, were not in the room. As usual, their plight came far behind the
immediate concerns of the high-income and middle-income countries. Still, through the assiduous
efforts of Secretary General Ban Ki-Moon and several other leaders, there was a clear re-commitment to
the Millennium Development Goals, a strong reiteration of commitments on development assistance
(implying an increase in development assistance from around $120 billion in 2008 to at least $160 billion
by 2010), and an intention to launch new global efforts on stronger social safety nets for the poor (led by
the World Bank). There was also and innovative support for smallholder farmers to raise the food
production and food security of the poor, championed strongly by the Secretary General, President
Obama, and Prime Minister Zapatero.

Two crucial issues remained almost wholly off the table, and will need to be brought in sooner rather
than later into future G-20 deliberations. Exchange rates were hardly mentioned, despite the fact that
exchange rate adjustments are surely needed to smooth the elimination of large and unsustainable
global trade imbalances. Also, the increasingly fragile position of the dollar as the world’s reserve
currency was discreetly ignored. Monetary policy and exchange rates played a large role in the onset of
the crisis, and we will need deep reforms of international monetary arrangements in order to secure a
sustainable recovery.

With all that the G-20 really accomplished, two more points are vital to appreciate. First, the G20 actions
will certainly not stop the recession in its tracks, nor even prevent unemployment from continuing to
rise markedly. We remain in the grips of a very deep recession with a dynamic beyond any immediate
solution. The G-20 actions will help to stop the downturn from spiraling into a yet-deeper collapse, but
will not stop the recession by itself. Second, much of the policy framework adopted by the G-20 is only a
sketch of policy, not the detailed regulations and implementation strategy. The very hard work remains
of translating the G-20 achievements into practical action. For that, the leaders will have to recognize
that they need to designate key officials for round-the-clock work. Communiques are but a start, not a
finish, of the process of true global cooperation. 

10 key achievements of G20 Hangzhou summit

09/08/2016 16:59

The 11th summit of the Group of 20 (G20) major economies concluded on Sept. 5. Shortly after,
Chinese President Xi Jinping gave a press conference to describe the achievements of the
summit.
The G20 Leaders' Communiqué for the Hangzhou summit was not released until late on Sept. 5.
While the communiqué from the 2014 Brisbane summit had 21 articles, and the one from
2015's Antalya summit boasted 27 articles, this year's communiqué contained 48 articles.
A group of experts at the Chongyang Institute for Financial Studies affiliated to Renmin
University of China summarized 10 key outcomes of the summit.
1: Innovative Growth
The G20 Hangzhou summit advocated “innovation-driven growth” to inject new dynamism into
the world economy. The adoption of the G20 Blueprint on Innovative Growth will encourage
innovation in a wide range of domains, including development concepts, institutional
architecture and business models, with science and technology at the core of that innovation.
Together with the new industrial revolution, an increasingly digital economy and other factors,
innovation will create new prospects for global economic growth.
Promoting economic growth was a core topic of the Hangzhou summit, and the G20 Blueprint
on Innovative Growth will open a new path intended to increase the medium-to-long-term
potential of the world's economy.

2: Development
The United Nations' Sustainable Development Goals (SDGs), part of the 2030 Agenda for
Sustainable Development, replaced the Millennium Development Goals (MDGs) at the end of
2015, becoming the new global development framework. The G20 Hangzhou summit achieved
an impressive consensus among members on sustainable development, providing a clear
timeline and roadmap for global development in the next 15 years. To that end, G20 members
committed to promoting the Paris Agreement, as well as to supporting industrialization in Africa
and Least Developed Countries (LDCs).
3: Structural reform
The communiqué reiterates the essential role of structural reforms in boosting productivity and
output, as well as in promoting growth in G20 countries. The choice and design of structural
reforms are consistent with countries' specific economic conditions. Nine priority areas for
structural reforms and a set of guiding principles were also endorsed. A framework consisting of
indicators was designed to help monitor and assess progress.
 4: Investment
The Hangzhou summit endorsed the G20 Guiding Principles for Global Investment
Policymaking, which will help to foster an open and transparent global policy environment for
investment. As the first framework of multilateral rules governing international investment, the
Guiding Principles will serve to promote the transition of G20 from a crisis response to a long-
term method of governance.
The Guiding Principles constitute a prominent contribution to the G20 Hangzhou summit. They
not only facilitate the flow of investment from financial fields to infrastructure, they also
improve the international investment structure.
5: Financial reform
The Hangzhou summit endorsed the G20 Agenda Towards a More Stable and Resilient
International Financial Architecture, which stressed the importance of international financial
institutions when it comes to risk prevention and management. G20 members welcomed the
2010 IMF quota and governance reform, and are now working toward the completion of the
15th General Review of Quotas by the time of the 2017 Annual Meetings.
G20 members support the World Bank Group in implementing its shareholding review
according to the agreed upon roadmap, timeline and principles. The objective of this
implementation is equitable voting power over time. The communiqué supports the ongoing
examination of the broader use of Special Drawing Rights (SDR), and welcomes the inclusion of
the RMB in the SDR currency basket.
Another highlight of the summit is the commitment to reform international financial
institutions to better fit the current world economy. Supporting the right of emerging countries
to voice their perspectives in international financial institutions is conducive not only to a more
balanced and sustainable world economy, but also to the realization of a global community
with a common destiny.
6: Anti-corruption
The summit endorsed the G20 High Level Principles on Cooperation on Persons Sought for
Corruption and Asset Recovery. Members also adopted the initiative to establish a research
center in China dealing with international cooperation on cases of corruption and asset
recovery among G20 member states.
Meanwhile, the 2017-2018 G20 Anti-Corruption Action Plan was also endorsed, which aims to
improve integrity in the public and private sectors, implementing a zero tolerance stance
against corruption.
The committed participation of G20 members plays an important role in global crime
prevention, assets recovery and anti-corruption efforts. China attaches great importance to
international anti-corruption measures, and actively promotes the establishment of a
worldwide anti-corruption network.
7: Trade
The communiqué commits to revitalizing global trade and investment as key engines of growth,
and constructing an open world economy. It calls to action the G20 Trade Ministers Meeting
and the G20 Trade and Investment Working Group (TIWG).
The G20 Strategy for Global Trade Growth was drafted in order to promote the inclusive,
coordinated development of global value chains, support a multilateral trading system and
reject protectionism. These measures can help to unlock the potential of global trade
cooperation and reverse the decline of global trade growth.
The transition of G20 from a crisis response to a long-term method of governance is another
true milestone. It speaks to the effective integration of global resources, which will boost
economic globalization and promote world economic growth.
 8: Industrialization in Africa and Least Developed Countries (LDCs)
The communiqué emphasizes inclusive and joint development so that the fruits of G20 benefit
the whole world, and especially developing regions. The Hangzhou summit placed issues of
development in a prominent position within the global macroeconomic policy framework. The
summit also endorsed an action plan for the UN's 2030 Agenda for Sustainable Development,
and supported efforts for industrialization in Africa and LDCs.

9: Entrepreneurship and employment

The communiqué has highlighted the importance of employment, considering that quality
employment is indispensable for sustainable development and is at the center of the G20's
global agenda. G20 members recognize entrepreneurship as an important driver for job
creation and economic growth, and welcome China's contribution of an Entrepreneurship
Research Center for G20 Economies.
The communiqué also emphasizes the need to monitor progress in a systematic and
transparent manner, especially when it comes to child labor and equal inclusion of women in
the labor force.
The G20 Entrepreneurship Action Plan, endorsed at the Hangzhou summit, aims to promote
lasting prosperity and achieve sustainable global development.
10: Climate change
The communiqué clearly reiterates the commitment of G20 member countries to addressing
climate change through sustainable development. Members also resolved to facilitate the
implementation of the Paris Agreement by the end of 2016.
In the course of the summit, G20 members reaffirmed the importance of the Green Climate
Fund, and of developed countries following through on the UNFCCC commitment to financially
assist developing countries in their sustainable development.
The Hangzhou summit's emphasis on sustainability shows the world China's determination to
win the fight against climate change. It also reflects China's leadership abilities and status as a
responsible major power, attempting to solve the common issues facing all mankind.

G20's achievements for global economy since the

2008 crisis
The G20 brings together the world's 19 leading industrialised as well as emerging economies. The group
accounts for 85 per cent of  worldGDP and two-thirds of its population and has played key role in steering
the world out of Global economic crisis in 2008-2010. Since an inaugural meeting between G20 leaders
in Washington DC following the collapse of Lehman Brothers in 2008, summits between G20 leaders
themselves have become an annual event. 

EU  is the 20th member of G20.  Spain  as a permanent non-member invitee also attends leader summits.
Other countries also attend summits at the invitation of the host country, while it has become customary
for the Chair of ASEAN and representatives of the African Union and NEPAD (New Partnershipfor  Africa's
Development) to be present at summits.  China  holds the chairmanship in 2016, with Germany to take
over in 2017 and  Argentina  in 2018. 

Dipanjan Roy Chaudhury examines what G-20 has achieved in 11 summits since 2008 and priorities
before India. 

What has G20 achieved for global economy since the 2008 crisis? 

In 2009, when the UK held a special spring summit, former Prime Minister Gordon Brown orchestrated a
deal in which world leaders agreed on a $1.1 trillion injection of financial aid into the global economy.
The G20 so far has made important progress in reshaping the governance of global finance by
implementing macro-prudential policies, developing strict rules on the "too big to fail" problem,
increasing the lending capacity of the International Monetary Fund (IMF) and collecting richer
information on the shadow banking system. Yet lack of IMF reforms have been disappointing aspect.
The G-20 has also played a crucial role in strengthening the international financial regulatory system,
including better coordination across countries. 

Has G20 been successful in helping the 19 countries align their domestic policies as per declarations? 

Since 2009, the G-20 has established itself as an invaluable forum, allowing leaders of the world's major
economies to work together to lift growth in mutually-supportive ways and reform the global financial
system to help prevent future crises by enabling the countries to align their domestic policies to the
decisions taken by the grouping across Ministerial level meetings and Summits.

What are the key areas in economy that G20 has identified where members had and can focus? 

While the first summit focused primarily on strengthening financial regulation, with agreement on a 47-
point action plan to improve financial regulation over the medium term, the London Summit in 2009
focused on coordinated fiscal and monetary stimulus measures with the amount of 1.1 trillion US dollars
to avert the threat of global depression. 

In the same year in Pittsburgh BSE 0.90 %  leaders designated the G20 to be the premier forum for
international economic cooperation, agreed to act together to support the global recovery through a
Framework for Strong, Sustainable and Balanced Growth with a Mutual Assessment Process, and to
reform global financial institutions, such as the International Monetary Fund and the World Bank. 

The first summit in 2010 in Toronto focused on the need for fiscal consolidation, with agreement that
advanced G20 deficit economies would at least halve fiscal deficits by 2013 and stabilize or reduce
sovereign debt ratios by 2016, complemented by ongoing structural reform across all G20 members to
rebalance and strengthen global growth. 

Later in Nov 2010 in Seoul the G20 leaders agreed to develop guidelines for addressing large current
account imbalances under the Framework for Strong, Sustainable and Balanced Growth and initiated the
G20 development agenda and launched the Seoul Development Consensus for Shared Growth. 

The 2011 Summit in Cannes, France focused on the development of a country-specific Cannes Action
Plan for Growth and Jobs and the adoption of an action plan to support the development and deepening
of local bond markets. 

The 2012 Mexico Summit agreed to strengthen demand, growth, confidence and financial stability. In
the following year in Russia the leaders set out reforms for achieving strong, sustainable and balanced
growth, coupled with an Accountability Assessment describing progress made on past commitments. In
2014 Brisbane Summit the centerpiece was the delivery of country-specific growth strategies. G20
leaders set a goal to lift the G20's GDP by at least additional two percent by 2018. While the 2015
Summit in Turkey dealt with both economic and political issues (terrorism), the 2016 Summit in China
ended with a call for more efforts to boost global growth 
What has been India's priorities in G20? 

Besides calling for structural reforms to push economic growth India's priorities has been pushing for
checking tax evasion to fight corruption, choking terror funds, cutting cost of remittances
and market access for key drugs. In the Hangzhou Summit Modi urged G-20 nations to eliminate safe
havens for economic offenders, unconditionally extradite money launderers and endexcessive banking
secrecy. According to the Modi government India will work towards finding solutions and taking forward
the G20 agenda for a robust, inclusive and sustainable international economic order that uplifts the
socio-economic conditions of people across the world, especially those who need it most in developing
countries. 

How far have been India's suggestions on reforms of global tax regimes and fighting corruption being
welcomed? 

Countries under the aegis of the Organisation for Economic Cooperation and Development have been
working towards adopting automatic exchange of information standards as well as moving towards base
erosion and profit shifting (BEPS) norms to curb black money and check tax evasion. 
However, adoption remains slow as countries have had to strike a balancing act between pleasing their
domestic constituency and moving to these international standards. India, however, remains one of the
strong advocates and early adopters of these norms as it looks to plug gaps allowing tax evasion and
avoidance. The ruling National Democratic Alliance (NDA) made bringing back black money stashed in
foreign bank accounts a key plank of the 2014 general election. 

Does G20 look into financial inclusion and social equity? 

The G20 focuses mostly on reforming the global financial system to increase global economic growth.
But the world is also experiencing severe socio-economic problems such as increasing income inequality,
youth unemployment and gender inequality. These problems increase social tensions. Therefore,
making economic growth more inclusive should be on top of the G20 agenda. Promoting inclusive
growth has been a priority for India at the G20 Forum.

MAIN ACHIEVEMENTS
MAIN ACHIEVEMENTS OF TURKEY’S 2015 G20 PRESIDENCY
Turkey assumed the G20 Presidency on the 1st of December, 2014. The Turkish Presidency will culminate in
the Antalya Summit on November 15-16, 2015. We have pursued  an ambitious agenda and an intense work
plan which, through collective action, has paved the way towards achieving the overarching aim of the G20:
strong, sustainable and balanced growth. As such, Turkish G20 Presidency’s theme is “Collective Action for
Inclusive and Robust Growth”.
G20 Finance Ministers and Central Bank Governors have convened four times under our Presidency. G20
Finance Ministers:
 maintained their resolve to continue implementing sound macroeconomic policies in a cooperative
manner to achieve strong, sustainable and balanced growth.
 agreed on a robust framework, which includes detailed implementation schedules for key
commitments, to effectively implement country commitments to reach G20’s collective growth ambition.
 finalized the work on concrete country-specific investment strategies to support the collective growth
objective, which would contribute to lifting the aggregate G20 investment to GDP ratio, by an estimated 1
percentage point by 2018.
 have made notable progress towards finalizing the remaining core elements of the G20 financial
regulation agenda this year. To be specific, along with many others, the common international standard on
total loss absorbing capacity (TLAC) for global systemically important banks and higher loss absorbency (HLA)
requirements for global systemically important insurers have been completed. In addition, the FSB’s first
annual report on implementation and effects of reforms is considered as another critical output to monitor
the impact of our actions and decisions.
 finalized the G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan to reach a globally
modern and fair international tax system. The BEPS Action Plan is a unique and prominent example of
modernization efforts in the international tax area through the last decade and has addressed a very
comprehensive set of issues to adapt the international tax system to the landslide changes in the way
business is done.
 highlighted the G20’s support to the global development agenda and expressed their commitment to
promote an enabling environment for low income developing countries as they pursue their development
agenda and help them to build their institutional capacity.
 declared their support to the climate change agenda of 2015 and committed to work together to
reach a positive and balanced outcome at the 21st Conference of Parties of the UNFCCC (COP 21).
Turkish G20 Presidency hosted the meeting of G20 Ministers of Agriculture on 6-8 May 2015. This is the first
time G20 Agriculture Ministers convened since 2011. G20 Agriculture Ministers expressed their strong
support to global efforts to ensure food securityand agreed on the importance of establishing economically,
socially and environmentally sustainable food systems.
 underlined the importance of food losses and waste as a global problem where around 1 trillion
Dollars each year is spent to produce lost or wasted food.
 decided to set up a G20 platform to prepare a common framework to measure food losses and
waste with a view to reduce food losses and waste.
 called for preparation of G20 Action Plan on Food Security and Sustainable Food Systems which will
be submitted to Leaders for their endorsement in Antalya Summit.
 The G20 Labour and Employment Ministers Meeting was held on 3-4 September 2015 in Ankara. By
adopting G20 Labour and Employment Ministerial Declaration, G20 Labour Ministers agreed upon a target to
reduce the share of young people who are at most risk of being permanently left behind in the labour market
by %15 by 2025. Ministers also:
 adopted some important documents on key labour market and employment issues as annexes to
their declaration such as: “G20 Policy Priorities on Labour Income Share and Inequalities”, “G20 Skills
Strategy”, “G20 Policy Principles for Promoting Better Youth Employment Outcomes”, “G20 Framework on
Promoting Quality Jobs”, “G20 Principles for Effective Public Employment Services”, and “G20 Principles on
Silver Economy and Active Ageing”.
 underlined the potential of international labour migration for contributing to economic growth and
addressing labour market needs.
 initiated the monitoring of the implementation of Employment Plans via reporting templates.
A joint meeting between Labour and Finance Ministers was held on 4 September in which discussions were
focused on the issues of inequalities and the growth-employment relationship. The Ministers also had
opportunities to meet representatives of social partners and engagement groups. Labour and Finance
Ministers:
 emphasized the importance of integrated policy approach, policy coherence and coordination
between both streams,
 highlighted that investing in infrastructure, effective active labor market policies, increasing labour
force participation, investing in workers’ skills and training, creating quality jobs and supporting
entrepreneurship are among the main policy options in supporting aggregate demand and reducing
unemployment, recognizing the need to consider country specific conditions.
 underlined that efficient allocation of resources through optimizing the composition of fiscal
expenditures and revenues has a potential to support a more job-rich growth and promote inclusiveness in a
budget-neutral way.
The first G20 Energy Ministers Meeting in the history of the G20 was held on 2 October 2015. In accordance
with the priority attached to development issues in general and “access to energy” in particular, a High-Level
Conference on Energy Access in Sub-Saharan Africa was also held a day before the Ministerial Meeting on 1
October 2015. During the G20 Energy Ministers Meeting, Ministers:
 adopted a Ministerial Communiqué, which constitutes a comprehensive framework for further
improving the cooperation based on the G20 Principles on Energy Collaboration.
 adopted the “G20 Energy Access Action Plan: Voluntary Collaboration on Energy Access”, the first
phase of which focuses on enhancing electricity access in Sub-Saharan Africa where the problem is most
 acute and the “G20 Toolkit of Voluntary Options for Renewable Energy Deployment”, which aims to enhance
renewable energy uptake.
 welcomed important documents on energy efficiency such as the “Report on the G20 Energy
Efficiency Action Plan: Voluntary Collaboration on Energy Efficiency 2015 Outcomes of Work Streams” and
the “Voluntary Energy Efficiency Investment Principles for G20 Participating Countries”.
 discussed issues related to inefficient fossil fuel subsidies and market transparency. 
G20 Energy Ministers also came together with African Energy Ministers and institutional investors to discuss
access to energy in Sub Saharan Africa at a high level conference held on 1 October 2015 in Istanbul. In these
meetings, Ministers discussed a broad range of issues from energy access to renewables, from contribution
of tourism to employment to challenges facing the multilateral trading system and better integration of
SME’s into global value chains.
G20 Trade Ministers Meeting was organized on 6 October 2015 in Istanbul. Ministers agreed that trade
continues to be an important pillar of inclusive economic growth. They decided to work together to develop
policies in order to increase the growth in global trade.
Ministers also highlighted the importance of Global Value Chains and decided to work together in order to
better integrate SMEs and Low Income Developing Countries into the Global Value Chains.
G20 Trade Ministers  expressed their commitment to support a strong and efficient multilateral trading
system where WTO is at the core. They also acknowledged that WTO Bali Package is a significant
achievement and they underscored the importance of delivering a successful WTO Ministerial Conference in
Nairobi.
Ministers also discussed ways and means of increasing coherence between RTAs and the multilateral trading
system.
The unofficial meeting of Tourism Ministers was organized on 29-30 September 2015 in Antalya.
G20 Tourism Ministers highlighted the importance of tourism for G20 employment and growth agendas.
Tourism Ministers also underscored the importance of supporting Small and Medium Sized Enterprises in the
tourism sector.
Activities of the G20 Engagement Groups:
Youth-20 (Y20) Summit was held in Istanbul on 16-21 August. More than 120 delegates from G20 members
as well as representatives from Low Income Developing Countries had their deliberations and adopted the
Y20 Communiqué which called on the G20 Leaders to set a “concrete, quantifiable and collective target on
reducing youth unemployment”.
Under the Turkish Presidency, G20 countries have agreed to establish a new G20 engagement group,
the Women-20 (W20), to promote gender inclusive economic growth. The W20 held its first ever Summit on
16-17 October 2015 in Istanbul with the participation of more than 500 participants and delegates from G20
as well as non-G20 countries. President of the Republic of Turkey H.E. Recep Tayyip Erdoğan delivered the
opening speech of the Summit.
The B20 Conference was held on 3-6 September 2015 in Ankara with the participation of close to 1,500
representatives of the international business community from 61 countries. The B20 submitted its
recommendations to President H.E. Recep Tayyip Erdoğan who attended the inauguration of the Conference.
The B20 and L20 submitted a Joint Declaration to the G20 entitled “Jobs, Growth and Decent Work”.
The Civil-20 (C20) Summit was held in Istanbul on September 15-16 with the participation of 450 delegates
from more than 50 countries. The C20 has identified four issues of key concern: Inclusive Growth, Gender
Equality, Governance (with a focus on International Taxation and Anti-Corruption) and Sustainability and
developed policy recommendations corresponding to these areas. Deputy Prime Minister Cevdet Yılmaz,
former Deputy Prime Minister Ali Babacan and Turkey’s G20 Sherpa Ambassador Ayşe Sinirlioğlu attended
the final session of the C20 Summit to receive the Communiqué on behalf of the G20 Turkish Presidency and
to respond to the C20 recommendations.
The G20’s other engagement groups, namely the Labour-20 and Think-20 are also active and working to
support our G20 agenda. L20 Summit (13-14 November), T20 Summit (13-15 November) and the B20 Summit
(14-15 November) will all be held in Antalya.
In order to provide a convenient platform as a conduit to voice the expectations and concerns of the SMEs to
the G20, the World SME Forum has been established in cooperation with the International Chamber of
Commerce.  The work plan of the Forum has been endorsed by the G20 Finance Ministers and Central Bank
Governors in their September meeting and will be presented to the Leaders in Antalya.
Outreach Activities of the G20 Presidency
The Turkish Presidency also values direct outreach and dialogue with non-G20 countries, regional groups and
institutions and will continue with an extensive outreach program through the year. An Inaugural Regional
Dialogue with the Caribbean Countries and the 5th Annual Dialogue between G20 and members of the
Commonwealth and La Francophonie were held in Washington on 13 and 14 April 2015. Turkey’s G20 Sherpa
Ambassador Ayşe Sinirlioğlu was in New York from 20 to 24 April and in Bangkok from 26 to 28 May 2015 to
address the UN General Assembly and UNESCAP (United Nations Economic and Social Commission for Asia
and the Pacific) 71st Meeting respectively. Ambassador Sinirlioğlu also attended various other regional and
international meetings such as St Petersburg International Economic Forum 2015 and Croatia Forum 2015.
The G20 Turkish Presidency has also held two separate side events on the margins of the Third International
Conference on Financing for Development on 13 and 14 July 2015, entitled “Priorities of the Turkish G20
Presidency with Particular Focus on Development” and “Inclusive Business as Contributor to the SDGs
Implementation”.
Another high-level side event was organised in collaboration with United Nations Development Programme
(UNDP) on the margins of the UN Sustainable Development Summit 2015 in New York on 25 September. The
side event entitled “G20’s Contribution to the Implementation of the SDGs” was co-chaired by H.E. Cevdet
Yılmaz, Deputy Prime Minister of Turkey and H.E. Helen Clark, Administrator of the UNDP.

Successes and Commitments

In this year the G20 will build on the results of previous presidencies and ensure broad continuity in
the G20´s work. This is a prerequisite for it to achieve long-lasting progress. We present some of the
successes and commitments of the G20 from 2008 to 2016.

At the same time, Germany wishes to add further topics to the agenda in cooperation with its G20
partners in order to reduce economic, social, ecological and political risks and to safeguard strong,
sustainable, balanced and inclusive growth through collective action.

All successes and commitments are available in the official and adopted G20 Summit
documentation.

2008 - Washington
The World Economy: Leaders met for the first time. Commitment made to stronger macro-
economic cooperation between G20 countries, so as to support the global economy and stabilise
financial markets.

Financial Markets/International Financial Architecture: Agreement to common principles to guide

financial market reform, so as to improve financial market stability and resilience and avoid future
financial crises.
Trade and investment: First-ever commitment to resist protectionism, in the form of a "stand still"
pledge to refrain from imposing any new trade or investment barrier for 12 months.

Energy and climate: Climate change and energy security recognised as "critical challenges" to be
addressed Combating money laundering and terrorism financing Strong recognition of the
importance of national and international measures to protect the global financial system from risks
of illegal financial activity.

to the top
2009 - London and Pittsburgh
The World Economy: Largest ever internationally coordinated fiscal and monetary stimulus package
undertaken. Adoption of the G20 Framework for Strong, Sustainable and Balanced Growth, so as to
restore confidence, growth and employment globally.

Financial Markets/International Financial Architecture: A new Financial Stability Board established

to include major emerging market economies with a stronger financial regulation mandate.
Agreement on substantial increase in International Monetary Fund resources to ensure a strong and
resilient international financial architecture.

International tax cooperation: In the interests of making taxation fairer, transparent and reliable
internationally, commitment made to take action against non-cooperative jurisdictions, including
tax havens. A renewed call for standards, cooperation and information exchange.

Trade and investment: Standstill commitment complemented by a pledge to rollback any existing

barriers to trade or investment. WTO, UNCTAD and OECD mandated to publicly report on
protectionist measures. 250 bn USD support for trade finance.

Employment: Commitment to support those affected by the Global Financial Crisis by creating

employment opportunities and through income-support measures.

Energy and climate: In order to shift to a low-carbon global economy, commitment made to phase
out and rationalize fossil fuel subsidies over the medium-term while providing targeted support to
the poorest.

Partnership with Africa: Recognition of the historic commitment of G20 members to meeting the
(then) Millenium Development Goals, especially to sub-saharan Africa.

to the top
2010 - Toronto and Seoul
The World Economy: Endorsement of new rules to improve the resilience of banks and the banking
system (Basel III), with a commitment to full national implementation by 2019. Goal set to
contribute to more sustainable public finances, namely that advanced economies will at least halve
deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016.
Financial Markets/International Financial Architecture: Agreement to reform global financial
architecture to meet today`s needs, with a commitment to better representation of major
developed economies and developing economies in the International Monetary Fund. Launch of the
Global Partnership for Financial Inclusion.

International tax cooperation: Budget consolidation goals set, namely "advanced economies will at
least halve deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016".

Trade and investment: International organisations mandated to report on the concrete benefits of

trade liberalisation for employment and growth.

Development, including implementing the 2030 Agenda: Commitment for the G20 to work in
partnership with other 
developing countries to help maximise their growth potential. Launch of a concrete Multi-Year
Development Action Plan to promote improvements in people´s lives, in particular through the
development of infrastructure in developing countries.

Partnership with Africa: Recognition of the potential for faster growth in Africa, which could be
unlocked by Africa plans for deeper regional economic integration.

Tackling corruption: Endorsement of the first Action Plan Against Corruption, in recognition that
corruption is a severe impediment to economic growth and development.

Agriculture, food security and environmental protection: Committment to safeguard the global

marine environment.

to the top
2011 - Cannes
Financial Markets/International Financial Architecture: Agreement to non-binding conclusions on
how best to manage capital flows, so as to realise their economic benefits while addressing the
challenges posed when flows are large and volatile.

International tax cooperation: Commitment by G20 Members to sign a multilateral convention to

regulate tax information exchange between its parties.

Employment: Focus placed on strengthening the social dimension of globalisation. Commitment to

promote and ensure full respect for workplace rights.

Combating money laundering and terrorism financing: Support for the Financial Action Task Force`s
work to engage jurisdictions with systemic anti-money laundering and counter-terrorist financing
deficiencies.
Agriculture, food security and environmental protection: Launch of the Agriculture Market
Information System to reinforce the transparency of agricultural product markets. Endorsement of
an Action Plan on Food Price Volatility and Agriculture.

to the top
2012 - Los Cabos
The World Economy: Agreement to an Accountability Framework to enhance implementation of the
G20´s growth goal, through regular assessments by the international organizations.

Financial Markets/International Financial Architecture: Adoption of Financial Inclusion Indicators, to

improve data on how financial inclusion can promote equality and inclusive development.
Commitment to increase IMF resources by bilateral loans.

Trade and investment: Recognition given to the importance of regional and global value chains, and
of enhancing developing country participation in these value chains.

Energy and climate: Focus placed on inclusive green growth to promote longer-term prosperity and
as a cross-cutting theme for the G20´s development agenda.

Empowering Women: Commitment made to overcome the barriers hindering women´s full

economic and social participation, and to expand economic opportunities for women in G20
economies.

to the top
2013 - Saint Petersburg
Financial Markets/International Financial Architecture: Agreement on an Roadmap Towards
Strengthened Oversight and Regulation of Shadow Banking, an issue that is key to ensuring financial
market stability

Trade and investment: Commitment to trade transparency reinforced. Standstill and rollback

commitments renewed until 2016. Emphasis placed on coherence between regional trade
agreements and the multilateral trading system.

Energy and climate: Commitment to support the Green Climate Fund´s operationalisation, a

mechanism under the UN to assist developing countries with climate change adaptation and
mitigration practices.

Development, including implementing the 2030 Agenda: Process initiated for ensuring

accountability for the G20 commitments to developing countries, thereby contributing to global
rebalancing.

to the top
2014 - Brisbane
The World Economy: Commitment made to G20 countryspecific growth strategies. Ambition agreed
to raise collective G20 Gross Domestic Product by 2% by 2018.

Financial Markets/International Financial Architecture: Update of the Roadmap Towards

Strengthened Oversight and Regulation of Shadow Banking.

International tax cooperation: Adoption of High-Level Principles on Beneficial Ownership, an

important step in identifying the actual owners of legal arrangements. Commitment to begin
automatically exchanging tax information by 2018.

Trade and investment: Establishment of a Global Infrastructure Hub to promote longer-term

infrastructure financing.

Employment: Endorsement of country-specific Employment Plans, including investments in

apprenticeships, education and training, and incentives for hiring young people and encouraging
entrepreneurship.

Energy and climate: Agreement to International Principles for Energy Collaboration and Action Plan
for Voluntary Collaboration on Energy Efficiency, in recognition that strong, resilient energy markets
are critical to economic growth.

Global health: Publication of a Leaders Statement on Fighting Pandemics. The International

Monetary Fund and World Bank Group asked to explore mechanisms to address the economic
effects of future comparable crises.

Empowering Women: "25% by 2025" commitment made to reduce the gender gap in women´s
labour market participation in G20 countries by 25% by 2025.

Tackling corruption: Adoption of G20 High-Level Principles on Corruption and Growth to outline

how corruption impedes economic growth and to frame the G20´s practical steps to combat
corruption.

to the top
2015 - Antalya
International tax cooperation: Endorsement of 15 actions to target the erosion of the tax base and
profit shifting (BEPS), to help achieve a globally fair and modern tax system.

Trade and investment: Publication of G20 country-specific investment strategies.

Employment: "15% by 2025" target to reduce the number of youth at risk of being permanently left
behind in the labour market by 15% by 2025 in G20 countries.
Energy and climate: Endorsement of G20 Toolkit of Voluntary Options for Renewable Energy
Deployment, to help accelerate its use through technological development and innovation.

Development, including implementing the 2030 Agenda: Strong commitment made to strengthen

dialogue and engagement on development with Low Income Developing Countries.

Global health: Agreement to give attention to global health risks such as antimicrobial resistance,
infectious diseases threats and weak health systems as these can significantly impact growth and
stability.

Empowering Women: Establishment of a specific engagement group aimed at promoting gender

equality in the G20 context - Women 20.

Tackling the causes of displacement: Migration recognised as a global opportunity and challenge.

Commitment to strengthen support for efforts to protect the unprecedented global number of
refugees and internally displaced persons.

Partnership with Africa: Initiative to improve Energy Access in Africa and Least Developed Countries,
with the first phase to be focused on subsaharan Africa.

Combating money laundering and terrorism financing: Commitment reaffirmed to tackle the

financing channels of terrorism, particularly by ehanced cooperation on exchange of information.

Agriculture, food security and environmental protection: Endorsement of an Action Plan on Food

Security & Sustainable Food Systems to promote responsible agriculture and food system
investments. A focus on the needs of smallholder farms, rural women and youth.

to the top
2016 - Hangzhou
The World Economy: A focus placed on inclusive and innovative growth, building on the efforts of
previous Presidencies. Endorsement of a G20 Innovation Action Plan to pursue pro-innovation
growth strategies.

Financial Markets/International Financial Architecture: New financial inclusion indicators agreed to

measure the use, availability and quality of digital financial services in more than 200 economies
worldwide. Re-commitment to finalise the banking regulatory (Basel III) framework by the end of
2016.

International tax cooperation: Agreement to submit a list of non-cooperative jurisdictions in the

area of tax transparency by 2017 and consider proposals for measures against those benefiting
from failing to implement global standards.

Trade and investment: Anti-protectionist commitments extended to 2018. Focus placed on better

communicating the benefits of trade and open markets, alongside domestic policies to widely
distribute these benefits. Separately, establishment of a global forum for reducing steel
overcapacity.

Energy and climate: Commitment to join the Paris Climate Change Agreement as soon as domestic
procedures in each G20 member allow.

Development, including implementing the 2030 Agenda: Endorsement of the G20 Action Plan on
the 2030 Agenda for Sustainable Development, to further align the G20´s work with the 2030
Agenda, while recognising it is a UN-led process.

Digitalisation: G20 Digital Economy Development and Cooperation Initiative launched. The Initiative
aims to foster favourable conditions for the digital economy and to address the digital divide.

Global health: Relevant international organisations mandated to report back in 2017 with concrete
recommendations on further G20 action to tackle anti-microbial resistance, including on R&D
incentives and prudent use.

Tackling the causes of displacement: Recognition of the benefits to economies and societies of well-
managed migration. Mandate given for the G20 to address forced displacement and migration
issues in 2017.

Partnership with Africa: Launch of a G20 Initiative on Supporting Industrialization in Africa and Least
Developed Countries to strengthen their inclusive growth and development potential.

Tackling corruption: Endorsement of the 2017-18 Anti-Corruption Action Plan to improve public and
private sector transparency and integrity.