Leaders endorsed a short communiqué, which largely focused on concrete deliverables and commitments for growth and jobs – notably the endorsement of a 2% upside growth ambition by 2018 (the “2 in 5” objective), the NGS aimed at achieving this objective (and summarized in the Brisbane Action Plan), and the commitment to reducing the gender gap in labour market participation by 25% in 2025 (the “25x25” commitment). As underlined by SG Gurría, the strategies in support of the 2 percent growth ambition, if fully implemented, would add the equivalent of an “Australia and a New Zealand” to the world economy; while achieving the “25x25” objective would bring more than 100 million women into the labour force and would add between 1.2 and 1.6pc point growth by 2025. Leaders also endorsed G20 countries’ Employment Plans.
In the area of investment, Leaders endorsed the Global Infrastructure Initiative (GII), a multi-year work programme to lift quality public and private infrastructure investment and agreed to establish a Global Infrastructure Hub (GIH) that will be based in Sydney, Australia. The G20 will also continue its work on bolstering long-term investment financing by institutional investors, including through the completion of the G20/OECD effective approaches to the implementation of the High-Level Principles, endorsed in St. Petersburg, and through the development of a G20/OECD checklist.
In the area of trade, and building on the OECD’s analysis of global value chains (GVCs), the communiqué recognises the importance of trade-enabling structural reforms, including in the area of services, and of trade facilitation for the smooth functioning of GVCs and for harnessing the potential of trade for growth and jobs. The communiqué also refers to the importance of the trade component of NGS. In his intervention on trade, SG Gurria made a strong call to use trade as the ultimate structural reform tool, and praised “unilateral trade disarmament” for individual countries’ benefit, considering the reality of GVCs.
Progress on the international tax agenda – notably on tackling BEPS and moving towards AEoI - featured among the key deliverables of the Summit. Leaders endorsed the first 7 of the 15 actions on BEPS, delivered in the context of the G20/OECD BEPS project as well as the new global Common Reporting Standard for AEoI, developed by the OECD. In his address to G20 Leaders, SG Gurría highlighted the quantum leap achieved by the G20 on taxation and conveyed the message that “taxation is now catching up with globalisation”. He insisted that the G20 efforts on tax transparency and the move towards of AEoI have already resulted in “voluntary disclosures” leading to additional revenues of €37 billion. The G20 communiqué also recognises the need for transparency in the area of taxpayer-specific rulings found to constitute harmful tax practices.
Leaders endorsed beneficial ownership principles and an updated anticorruption action plan, which relies on the newly adopted G20 High-Level Principles on Corruption and Growth, which the OECD helped shape with its sectoral analysis on corruption and growth. Leaders committed “to lead by example in combating bribery, including by actively participating with the OECD Working Group on Bribery with a view to exploring possible adherence to the OECD Anti-bribery Convention”.
Leaders agreed on International Principles for Energy Collaboration as well as on an Action Plan for Voluntary Collaboration on Energy Efficiency. Last but not least, in the area of development, Leaders agreed, inter alia, on the 2014 Financial Inclusion Action Plan, the G20 Food Security and Nutrition Framework and the Development Working Group Accountability Framework – all documents to which the OECD contributed substantially (the Food Security and Nutrition Framework is based on the OECD – FAO report to the G20 entitled Opportunities for Economic Growth and Job Creation in Relation to Food Security and Nutrition). They welcomed OECD’s deeper engagement with developing countries in the context of the BEPS project and the move towards AEoI.