G20 Summit underscores boosting global growth to benefit entire humanity

G20 Summit underscores boosting global growth to benefit entire humanity
Antalya, (IINA) - The world leaders, who gathered on Sunday and Monday in the Turkish city of Antalya for the G20 Summit, underscored the significance of further strengthening global growth with ensuring its benefits reaching the entire humanity.
The summit, chaired by Turkey, discussed a host of vital global issues, such as addressing inequalities, aligning efforts with the UN 2030 Agenda for Sustainable Development Goals, achieving food security, introducing a plan to increase the collective G20 economy by 2.1 percent, generating new jobs, supporting national investments, discussions on development of low-income developing countries (LIDC) and promoting small and medium enterprises (SME), according to media reports.
The shared objective of the G20 is to achieve strong, sustainable and balanced growth. Turkey said that the G20 must have an inclusive growth at the global level to reach this objective. Turkey said that the G20 must look at the employment generation capacity of economic growth as well as the equal sharing of the generated wealth, noting that this growth should be a balanced and sustainable one.
Turkey also aims to develop policies to better integrate disadvantaged groups such as women and youth into the economy, reduce inequality and promote the integration of SMEs and LIDCs into the global economy.
The organizers also emphasized on ensuring that benefits of growth and prosperity are shared by people within and beyond G20 countries, saying that the summit must examine our domestic policies to ensure that they promote inclusive growth and that it must ensure that the benefits of growth and prosperity are shared by all segments of society.
It also addressed the rising inequalities, saying that it is necessary to ensure robust and inclusive growth, pointing out that building inclusive labor markets will allow for the participation of women and youth as well as other disadvantaged groups in the G20 Agenda.
The agenda also underlined that the G20 is now ready to align its efforts with the new UN 2030 Agenda for Sustainable Development Goals (SDGs) and that it will prioritize its efforts on food security as well. It stated that it will tackle the 1.3 billion tons of food lost or wasted yearly.
The energy was also on the agenda of the G20 Summit, and it said the G20 will put more efforts and focus on providing energy for all countries, specifically the sub-Saharan Africa where the problem is most acute.
Enabling SMEs integration to value chains, facilitating their access to finance, and addressing their capacity bottlenecks was another critical pillar of our inclusiveness efforts at the national level. Turkey noted that the G20 is in good shape and remains the premier platform for global economic and financial issues following the global economic crisis.
It stated that the G20 has a clear plan to move even further, saying that G20 members have committed to lifting the collective economic growth by an additional 2,1% over the next five years, which will bring an additional 2 trillion dollars to the world economy, equal to the size of the Indian economy.
However, it warned that the G20 members must not become complacent, stressing that the implementation of the commitments is vital for the credibility of the G20 and the future of global economy. It also said that the G20 has developed a solid monitoring mechanism to hold into accountability. It underlined that the implementation of the financial regulation framework will be crucial to our success as it enables us to increase the resilience of the global economy.
Regarding investments, the agenda said that it is a central theme for the 2015 Summit as it is critical both for lifting the global growth potential and also for generating new jobs. It said that G20 members should emphasize more and higher quality investments. The Turkish Presidency's proposal for G20 countries is to prepare concrete and ambitious national investment strategies to support their national growth strategies received broad support from the membership. It said that the G20 decided that investment strategies should be country-owned and country-led.
It is noteworthy that such strategies included measures to attract long-term institutional investors, enhance public-private partnerships, promote improved access to finance by SMEs, improve the regulatory framework, improve the efficiency of public investment and support alternative sources of infrastructure investment such as asset-based financing. The G20 Summit did a quantitative assessment of these investment strategies during its sessions.
Turkey also addressed issues related to low-income developing countries and Small- and Medium-Sized Enterprise. The Turkish Presidency aims to bring a strong LIDCs perspective into the various  G20 work streams. For instance, the summit discussed access to energy issue, with a particular focus on Sub-Saharan Africa. Turkey also hosted the first G20 Energy Ministers Meeting in Istanbul with a focus on access to energy as the primary agenda item.
It highlighted the importance of food security during the G20 Agriculture Ministers meeting held in Istanbul on May 2015 where the ministers discussed the impact of food losses and waste and expressed their strong support for global efforts that ensure food security. It underlined that it believes that LIDCs have huge untapped potential, saying that taking their problems and issues into more detailed consideration within the G20 agenda has contributed to efforts to ensure more inclusive and balanced global growth. It stated that organized various high-level outreach activities with the participation of G20 members and LIDCs, saying that it also delivered a new G20 and LIDC framework to strengthen the dialogue and engagement on development.
Concerning the SMEs, the G20 said that in many countries, both developing and developed, as many as 60 to 70 percent of employment comes from SMEs, noting that this led into looking for ways to better integrate them into the global economy.
It said that the G20 needs to focus on the problems of SMEs such as governance bottlenecks, facilitating their access to finance, and providing a more conductive regulatory environment that also takes into account the compliance burden on SMEs because it is an important driver for employment creation, competitiveness and thus growth.
In that context, the World SME Forum (WSF) was officially launched by the G20 Turkish Presidency on 23 May 2015 in Istanbul as a global initiative for SME’s by International Chamber of Commerce (ICC), the Union of Chambers and Commodity Exchanges of Turkey (TOBB) and World Chambers Federation (WCF).
AG/IINA
 

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