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

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.
Key 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.

Month: Current Affairs - November, 2015