8-10 July G8 Summit L'Aquila, Italy

www.g8italia2009.it

 

Efforts to boost employment levels through “green growth” economic policies and new ways to help developing countries were among the topics that OECD Secretary-General Angel Gurría addressed in discussions with G8 leaders at the Summit.

The OECD is working with member and partner countries to boost investment and other sources of innovation in developing countries while at the same time helping them to develop internal revenue-generating capacities through efficient tax policies as a complement development aid. As part of a drive to restore business and investor confidence in market economies, the Italian Presidency is working with the OECD and other organisations to develop a code of standards and good behaviour in business dealings. In a declaration, leaders at the Summit agreed on the objectives of a strategy to create such a comprehensive framework, “the Lecce Framework”, and to "make every effort to pursue maximum country participation and swift and resolute implementation."

G8: family picture, L'Aquila, 9 July 2009. © ANSA/MASSIMO PERCOSSI/ON

“Closer and stronger ties between the G8 and G5 countries are critical for tackling the increasingly complex global challenges facing our countries, and never more so than in  the current economic crisis,” OECD Secretary-General Angel Gurría said at the Summit, following the announcement that the G8-G5 Heiligendamm Dialogue Process (HDP) will be continued and strengthened over coming years. 

 

Secretary-General Angel Gurría explains how the OECD and G8 worked together in the run-up to the Summit and the key issues policymakers need to address.

 

In the run-up to the Summit, the OECD and its affiliate organisations, have worked closely with the Italian presidency. In March, Secretary-General Angel Gurría gave a Labour Ministerial at the Labour Ministerial meeting in Rome. He highlighted the importance of countries working together quickly and effectively to avoid the financial crisis from becoming a full-blown social crisis with dramatic effects on vulnerable workers and low income households.

The OECD held its annual Meeting of the OECD Council at Ministerial Level at the end of June in order to facilitate co-ordination and addressed many of the issues being discussed in Italy. For more details, visit www.oecd.org/mcm2009.

 

Standards and rules for the global economy

The OECD has assisted the Italian Presidency in developing the Global Standard for propriety, integrity and transparency. This initiative complements the Global Charter launched by the German government within the G20. Its aim is to to develop a set of common principles and standards in order to ensure a more stable and sustainable development of the global economy.

It includes OECD instruments such as the Anti-Bribery Convention, Principles of Corporate Governance and Guidelines for Multinational Enterprises, as well as standards and guidelines on everything from taxation and competition to development aid and public governance.

Read here about the Global Standard and the OECD's work.

 

Take part in the discussion on the "Lecce Framework"and the principles and standards needed to improve propriety, integrity and transparency in international business and finance via the "Global Standard" blog.

 

Development and Africa

• Innovative financing perspectives in the new global economic outlook
  Mr Gurría, in a speech in Paris, highlighted the need to find new ways to complement traditional development aid mechanisms.  
• Action Plan to help developing countries in the downturn
  The world's major donor countries have committed to meeting their existing aid commitments, in particular in Africa, as well as helping low-income countries finance both their short- and long-term priorities.
• Heiligendamm Dialogue Process
  Read about this initiative set up following the 2007 G8 Summit in order to build trust among G8 and G5 (Brazil, China, India, Mexico and South Africa) countries and develop common understanding on outstanding global issues. 
• www.oecd.org/development  
• www.oecd.org/africa

 

Trade

 

Ron Kirk, United States Trade Representative, discusses the importance of resisting trade protectionism.

>> The global downturn and trade With world trade volumes likely to shrink by as much as 13 percent in 2009 from 2008 levels, the OECD is urging governments to avoid protectionist measures and keep markets open in order to benefit from the recovery when it comes. >> Agriculture more resilient to global crisis than other sectors Because food is a basic necessity, the agriculture sector is showing more resilience than other industries. >> www.oecd.org/trade

 

Climate change

• Major world economies aim for "green growth" as the way out of the crisis
  The world’s main economies are looking to “green growth” as the way forward out of the current crisis, opening up new prospects for climate-change negotiations ahead of the 15th Conference of the Parties of the UN Framework Convention on Climate Change (COP15) in Copenhagen in December.
• From Grim to Green: towards a low-carbon future
  Mr. Gurria called on all countries to use the economic crisis as an opportunity to promote ‘green’ growth. Collective action and bold political will, he said, will be necessary to draft environmentally sound stimulus packages, reduce emissions, foster green innovation, and work towards a successful UN Climate Change Conference at the end of the year.
• More OECD work on climate change and the environment

Read here about the OECD's work with Italian authorities to relaunch the economy of the L'Aquila region following the earthquake of June 2009.

For further information, journalists are invited to contact nicholas.bray@oecd.org in OECD's Media Division (tel. + 33 1 45 24 80 90).

 

Permanent URL: www.oecd.org/g8