Australian presidency working with G-20 members to achieve durable global economic growth

In anticipation of the November 15 and 16 G-20 Summit to be held in Brisbane, Australia, the Australian presidency is continuing to interact and work with G-20 members to promote best practices of growth, build resilience in the global economy, and building a durable international order to underpin global prosperity in the 21st century.

A background briefing on the upcoming event revealed that G-20 faces major challenges and a test in ensuring a two percent rise in global growth in the next five years.

It was candidly admitted that G-20 members would need to deliver and focus on real outcomes in the run-up to the Brisbane interaction.

It was stated that Australia, as the current president of the G-20, is making every effort to ensure that the summit agenda is effectively streamlined and focused on key issues and critical economic challenges, including ensuring that the global output cap is not closed, efforts are made to reduce unemployment (given that there are 62 million less jobs and 300 million people looking for jobs worldwide), reduce the existing large infrastructure gap between developed and developing nations, and look for ways to convince the private sector to invest confidently in the global economy.

Further it was stated that there was a need for member nations to come forward and make commitments on key issues in areas such as growth strategies, infrastructure, trade facilitation, taxation, and employment, strengthening of institutions, domestic market reforms, all which required political leadership and will.

Referring specifically to India, participating interlocutors said New Delhi is playing a very constructive role on every aspect of the G-20 agenda, with a focus on ways to encourage growth, attract investment for infrastructure projects, ways to create new jobs and ensure improved trade facilitation without compromising on key economic and food security goals.

India, the interlocutors said, is chairing two G-20 working groups (1) The Framework Working Group and (2) The Energy Sustainability Working Group.

From the Australian perspective, the emphasis is on the important role that the private sector must play in the global economic context i.e. business should be "very front and center".

It was emphasized that the G-20 has been having a series of interactions between various engagement groups such as the O-20 (deliberations between union and labour representatives) and the Y-20 (the youth component of the G-20).

The overall emphasis was on how to make the G-20 more relevant for people in the 21st century.

So far, several processes are scheduled to take place, including a labour and employment ministers meeting in Melbourne in mid-September, followed by a finance ministers meeting in Cairns in the third week of September, and thereafter, a series of politically intensive meetings till the second week of November.

It was revealed that trade ministers affiliated to the G-20 have already met, but have not been able to reach an agreement on trade facilitation. (ANI)

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