Chapter News

G20 leaders united to address major global economic challenges

European Commission President Jean-Claude Juncker and European Council President Donald Tusk attended the 14th G20 Leaders’ summit hosted by Prime Minister Shinzō Abe in Osaka (Japan). President Juncker was accompanied by Commissioner Pierre Moscovici. 

On the second day of the Summit, at the joint press conference with the President of Argentina, Mauricio Macri in the presence of EU and Mercosur leaders and following the political agreement for a trade pact between the EU and Mercosur, President Juncker said: “This deal sends a real message in support of open, fair, sustainable and rules-based trade because trade creates good jobs for all concerned. It shows that in these turbulent moments, agreements can be reached. Mutually beneficial compromises can be found.  

This is a landmark agreement for a number of reasons. Firstly, its sheer size. The agreement reached today will create a free trade area covering 780 million people, bringing two continents closer together in a spirit of openness and cooperation.

The immediate benefits will be significant. The agreement will save European companies up to €4 billion in duties at the border. That is 4 times more than our agreement with Japan. It opens up new markets, for instance in public procurement, and breaks down non-tariff barriers. And it will give our companies a head start as it is the first such deal agreed by Mercosur.”

Following the two days Summit, leaders adopted the G20 Osaka Leaders’ Declaration to work together to foster global economic growth, while harnessing the power of technological innovation, in particular digitalisation, and its application for the benefit of all. 

On trade, leaders underlined their determination to realise a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep markets open. International trade and investment are important engines of growth, productivity, innovation, job creation and development. They reaffirmed their support for the necessary reform of the World Trade Organization to improve its functions. Leaders notably agreed that action is necessary regarding the functioning of the dispute settlement system consistent with the rules as negotiated by World Trade Organization members. 

On global economy and finance, leaders reaffirmed their commitment to use all policy tools to achieve strong, sustainable, balanced and inclusive growth, and safeguard against downside risks, by stepping up dialogue and actions to enhance confidence.

On climate change, signatories to the Paris Agreement who confirmed at Buenos Aires its irreversibility and are determined to implement it, reaffirmed their commitment to its full implementation, reflecting common but differentiated responsibilities and respective capabilities, in the light of different national circumstances – while the United States reiterated its decision to withdraw from the Paris Agreement.

On terrorism, leaders reaffirmed their commitment “to act to protect our people from terrorist and violent extremism conducive to terrorism exploitation of the internet” and urged “online platforms to meet our citizens’ expectations that they must not allow use of their platforms to facilitate terrorism and violent extremism conducive to terrorism”. G20 leaders committed to continue working together to tackle this challenge — including by sharing their domestic experiences — in their countries and through international fora and initiatives. 

On anti-corruption, G20 leaders expressed their commitment to play a leading role in the global efforts to prevent and fight against corruption, as well as promoting integrity, by implementing the G20 Anti-Corruption Action Plan 2019-2021 while strengthening synergies among related international instruments and mechanisms.

On migration, leaders stressed that large movements of refugees are a global concern with humanitarian, political, social and economic consequences. They emphasized the importance of shared actions to address the root causes of displacement and to respond to growing humanitarian needs.

Compliments of the European Commission