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

Sectors : Employment and Training, International trade: market access, subsidies and aid for trade, Financial Institutions, markets, services and microfinance, Infrastructure General, Social protection, Tax regulation and illicit financing
Organisation : G20
Date made: 
2010
Level: 
Heads Of State
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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: Infrastructure - Infrastructure General

 “51. The Seoul Consensus also identifies nine key pillars where we believe actions are necessary to resolve the most significant bottlenecks to inclusive, sustainable and resilient growth in developing countries, LICs in particular: infrastructure, human resource development, trade, private investment and job creation, food security, growth with resilience, financial inclusion, domestic resource mobilization and knowledge sharing. The Multi-Year Action Plan then outlines the specific, detailed actions to which we commit in order to address these bottlenecks, including to:

a) Facilitate increased investment from public, semi-public and private sources and improve the implementation and maintenance of national and regional infrastructure projects in sectors where there are bottlenecks. We agree to establish a High-Level Panel (HLP) to recommend measures to mobilize infrastructure financing and review MDBs’ policy frameworks. We will announce the Chair of the HLP by December 2010;...”

 
Scope: 
International