St. Petersburg, Russian Federation 2013

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At St. Petersburg, agreements were reached in several domains, including an Action Plan on Base Erosion and Profit Shifting, the St. Petersburg Action Plan on macro, fiscal and structural policies, and the principles of long term investment. The anti-protectionism pledge was renewed until 2016.

 

PRIORITIES

In a context of a weak and uneven recovery in advanced economies, characterised by  stubbornly high levels of unemployment in many of them, together with slowing growth in several emerging market economies, the Russian Presidency emphasised the need to boost growth and to promote financing for investment.

The possible spill-over impact of normalisation of monetary policies in advanced economies on emerging countries also captured a large part of the Summit discussions, as well as several other pending issues such as high public debt, global imbalances and financial market fragmentation, particularly in Europe.


MAIN ACHIEVEMENTS

Leaders agreed on the St Petersburg Action Plan (pdf) which sets out new measures and country-specific reform commitments to boost growth and job creation. The OECD supported the Group in designing this new Action Plan - from the angle of structural reforms, contributing to make them more concrete, specific and assessable.

Leaders committed to reinforce transparency in trade, emphasised the importance of ensuring coherence between regional trade agreements and the multilateral trading system and extended the anti-protectionist pledge until 2016.

The G20 endorsed the St. Petersburg Development Outlook (pdf) which paved the way for the design of a new G20 action plan on development and welcomed the St. Petersburg Accountability Report on G20 Development Commitments (pdf) reiterating the need to strengthen and streamline the G20 development agenda.

Leaders welcomed the progress achieved this year on domestic resource mobilisation in developing countries. They also endorsed the St. Petersburg Strategic Framework to guide the work of the Anti-Corruption Working Group and encouraged countries to explore possible adherence to the OECD Anti-Bribery Convention.

Leaders endorsed the Action Plan on Base Erosion and Profit Shifting (BEPS) and encouraged all interested countries to participate to the G20/OECD BEPS project.

They also endorsed OECD’s proposal for a global model for multilateral and bilateral automatic exchange of information (AEoI) and asked the Global Forum to monitor and review the implementation of AEoI. The G20 called on the OECD to contribute to the development of a roadmap for developing countries to participate to this new standard.

The G20 also acknowledged the OECD Tax Inspectors without Borders initiative and called on all countries to join the Multilateral Convention on Mutual Administrative Assistance in Tax.


OECD CONTRIBUTIONS

The OECD assisted the Russian Presidency in shaping the narrative of the Summit around growth and jobs supported by investment, trade and transparency. The OECD made a key contribution to G20 discussions on tax by delivering the Action Plan against Base Erosion and Profit Shifting (BEPS) and a proposal for a global model for multilateral and bilateral automatic exchange of information (AEoI).

The OECD, together with the Russian presidency, delivered a joint G20/OECD report on Advancing National Strategies for Financial Education. Leaders also welcomed OECD’s work on trade, particularly on Global Value Chains (GVCs) and asked the OECD to further its work in this domain. They endorsed the G20/OECD High-Level Principles of Long-Term Investment Financing by Institutional Investors

OECD CONTRIBUTIONS TO ST PETERSBURG