G20 Seoul Summit Document: Framework for Strong, Sustainable and Balanced Growth, 11-12 November 2010

Sectors : International trade: market access, subsidies and aid for trade, Regional cooperation and integration, Regional trade, Employment and Training, Financial Institutions, markets, services and microfinance, Infrastructure General, Social protection, Tax regulation and illicit financing, Aid volume, Investment
Organisation : G20
Date made: 
2010
Level: 
Heads Of State
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Commitments in: Development partnerships - Regional cooperation and integration

 “45. We recognize the potential for faster growth in Africa, which could be unlocked by African plans for deeper regional economic integration. We therefore commit to support the regional integration efforts of African leaders, including by helping to realize their vision of a free trade area through the promotion of trade facilitation and regional infrastructure. We call on the MDBs and WTO to collaborate with us in supporting this endeavor.”

Scope: 
Africa

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

 “10. Structural Reforms: We will implement a range of structural reforms to boost and sustain global demand, foster job creation, contribute to global rebalancing, and increase our growth potential, and where needed undertake:

Product market reforms to simplify regulation and reduce regulatory barriers in order to promote competition and enhance productivity in key sectors.

Labor market and human resource development reforms, including better targeted benefits schemes to increase participation; education and training to increase employment in quality jobs, boost productivity and thereby enhance potential growth.

Tax reform to enhance productivity by removing distortions and improving the incentives to work, invest and innovate.

Green growth and innovation oriented policy measures to find new sources of growth and promote sustainable development.

Reforms to reduce the reliance on external demand and focus more on domestic sources of growth in surplus countries while promoting higher national savings and enhancing export competitiveness in deficit countries.

Reforms to strengthen social safety nets such as public health care and pension plans, corporate governance and financial market development to help reduce precautionary savings in emerging surplus countries.

Investment in infrastructure to address bottlenecks and enhance growth potential. In pursuing these reforms, we will draw on the expertise of the OECD, IMF, World Bank, ILO and other international organizations.”

 
Scope: 
International

Commitments in: Trade - International trade: market access, subsidies and aid for trade

“7. Trade and Development Policies: We reaffirm our commitment to free trade and investment recognizing its central importance for the global recovery. We will refrain from introducing, and oppose protectionist trade actions in all forms and recognize the importance of a prompt conclusion of the Doha negotiations. We reaffirm our commitment to avoid financial protectionism and are mindful of the risks of proliferation of measures that would damage investment and harm prospects for the global recovery. With developing countries’ rising share in world output and trade, the goals of global growth, rebalancing and development are increasingly interlinked. We will focus efforts to resolve the most significant bottlenecks to inclusive, sustainable and resilient growth in developing countries, low-income countries (LICs) in particular: infrastructure, human resources development, trade, private investment and job creation, food security, growth with resilience, financial inclusion, domestic resource mobilization and knowledge sharing. In addition, we will take concrete actions to increase our financial and technical support, including fulfilling the Official Development Assistance (ODA) commitments by advanced countries.”

Scope: 
International

 “42. Recognizing the importance of free trade and investment for global recovery, we are committed to keeping markets open and liberalizing trade and investment as a means to promote economic progress for all and narrow the development gap...We therefore reaffirm the extension of our standstill commitments until the end of 2013 as agreed in Toronto, commit to rollback any new protectionist measures that may have risen, including export restrictions and WTO-inconsistent measures to stimulate exports, and ask the WTO, OECD, and UNCTAD to continue monitoring the situation and to report publicly on a semi-annual basis.”

Scope: 
International

 “44. We strongly believe that trade can be an effective tool for reducing poverty and enhancing economic growth in developing countries, LICs in particular. To support LIC capacity to trade, we welcome the adoption of the Multi-Year Action Plan on Development. We note our commitment to at least maintain, beyond 2011, Aid for Trade levels that reflect the average of the last three years (2006 to 2008); to make progress toward duty-free quota-free market access for least developed country (LDC) products in line with our Hong Kong commitments, without prejudice to other negotiations, including as regards preferential rules of origin; to call on relevant international agencies to coordinate a collective multilateral response to support trade facilitation; and to support measures to increase the availability of trade finance in developing countries, particularly LICs. In this respect, we also agree to monitor and assess trade finance programs in support of developing countries, in particular their coverage and impact on LICs, and to evaluate the impact of regulatory regimes on trade finance.”

Scope: 
International

 “51....The Multi-Year Action Plan then outlines the specific, detailed actions to which we commit in order to address these bottlenecks, including to:

...c) Improve the access and availability to trade with advanced economies and between developing and LICs. Our action plans on trade are discussed in paragraphs 42 to 45 above;...”

 
Scope: 
International