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G-20 to combat terrorism, tackle uneven global economic growth unitedly

G-20-Turkey

G-20 leaders have decided to tackle global uneven economic growth and reaffirmed their commitment to fight terrorism unitedly. In this regard, G-20 leaders have released a communiqué at the end of the two-day 2015 G-20 summit held at Antalya in Turkey.

Highlights of 2015 G-20 Antalya Summit
Economic growth: G-20 leaders noticed the risks and uncertainties in financial markets and observed that geopolitical challenges are increasingly becoming a global problem. They have reaffirmed its earlier goal of achieving 2 percent additional GDP growth by 2018.

Black Money and Corruption: G-20 has developed a package under the “Base Erosion and Profit System” project to tackle the problem of transferring profits to tax havens. The project urges the automatic exchange of tax-related information system and will come into force by 2018. G-20 leaders also called for intolerance to corruption and collectively deny safe havens to illegally acquired wealth.

Climate Change: G-20 leaders reiterated from their commitment to limit global temperature increase to 2 degrees Celsius above current levels as mentioned in the Lima Call for Action. They fair and balanced outcome in the Conference of Parties (CoP)-21 meet to be held in Paris on the issue.

WTO: G-20 leaders reinstated their faith on the World Trade Organisation (WTO) as the backbone of the multilateral trading system. They have urged WTO to fully implement the Bali Package that aims at lowering global trade barriers. G-20 leaders endorse global food security measures.

Refugee crisis: It is a global concern and seeks to encourage global contribution in managing the crisis.

IMF Reforms: G-20 leaders seek to early implementation of the International Monetary Fund’s (IMF’s) governance reforms.

Remittance front: G-20 leaders seek to reduce the charges for people to send money back home to 5 percent.

Terrorism: G20 leaders condemned terrorism and have collectively resolved to choke terror funding and also share information and take action for better border management. 2015 G-20 Antalya Summit and India The 2015 G-20 Antalya Summit accommodates several concerns India which were raised in various multilateral forums. Being the largest recipient of remittances, Prime Minister Narendra Modi had insisted to lower the charges and it has been included in G-20 agenda which is considered a positive development. The passage of collective movement under the “Base Erosion and Profit Shifting” project on for tax evasion is also considered a positive development in India’s fight to tackle menace of Black Money. The summit also took note of India’s viewpoints on various issues including trade, labour, infrastructure and corruption.