Share

Los Cabos, Mexico 2012

G20 Leaders resolved to act together to strengthen a shaky recovery and to address financial market tensions, to further stimulate demand and restore confidence with a view to supporting growth and fostering financial stability to create high quality jobs and opportunities for all.

Priorities

 

  • To reform the International Monetary System (IMS).
  • To strengthen financial regulation, especially in non-banking financial institutions and regulation concerning financial market integrity and transparency.
  • To find collective solutions in order to reduce excessive commodity price volatility and enhance food security.
  • Supporting employment and strengthening the social dimension of globalisation.
  • To ensure that the Anti-Corruption Action Plan adopted in Seoul will produce concrete results and real progress starting in 2011.
  • To support infrastructure development and to enhance food security in the most vulnerable countries.

Main achievements

Leaders agreed on a Los Cabos Growth and Jobs Action Plan, accompanied by the Los Cabos Accountability Assessment Framework aimed at enhancing the monitoring of country implementation. The G20 reaffirmed its willingness to strengthen the IMF's credit capabilities, and extended the standstill commitment with regard to measures affecting trade and investment until the end of 2014. Pursuant to a call from G20 Leaders, a new Anti-corruption Action Plan was adopted by G20 Sherpas in October 2012.

Substantive commitments were made by G20 countries: among others, to promote green growth in the areas of structural reforms, employment and development as well as to enhance food security and agricultural productivity.

The OECD assisted Mexico in identifying ways to mainstream its priorities into the G20 policy agenda, particularly Green Growth, with a report on incorporating the green growth dimension into G20 countries’ structural reforms and by elaborating a non-prescriptive toolkit for inclusive green growth to be used by policy-makers in low income countries.

The OECD also made a key contribution to G20 discussions on trade by sharing its expertise on Global Value Chains (GVCs) with the Group, as well as on financial inclusion by delivering a set of Principles for the development of national strategies in the field of financial education.