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12. Trade and investment: support for the multilateral trading system is as important now as ever. We strive to achieve the goal of a free, fair, inclusive, non-discriminatory, transparent, predictable and stable trading and investment environment and to keep our markets open. We will continue to work to ensure a level playing field to foster a conducive business environment. We support G20 actions to support global trade and investment in response to COVID-19. We acknowledge the contribution that the Riyadh Initiative on the Future of the World Trade Organization (WTO) has made by providing an additional opportunity to discuss and reaffirm the fundamental objectives and principles of the multilateral trading system, as well as to demonstrate our continued political support. to the necessary reform of the WTO, even before the 12th Ministerial Conference of the WTO. We recognize the need to increase the sustainability and resilience of national, regional and global supply chains that foster the sustainable integration of developing and least developed countries into the trading system, and we share the goal of promoting inclusive economic growth , including through a greater participation of micro-enterprises. – small and medium-sized enterprises (MIPYMES) in international trade and investment. We note that structural problems in some sectors, such as overcapacity, can have a negative impact.
13. Transportation and Travel – We are committed to ensuring that global transportation routes and supply chains remain open, safe and secure, and that any restrictive measures related to COVID-19, including for air and sea crews, are addressed, proportionate and transparent. temporary, and in accordance with the obligations derived from international agreements. We will continue to explore concrete ways to facilitate the movement of people in a way that does not impede our efforts to protect public health.
14. International Financial Architecture: We reiterate our commitment to ensuring a stronger global financial safety net with a strong, quota-based, well-resourced IMF at its center. We remain committed to reviewing the adequacy of quotas and will continue the IMF governance reform process within the framework of the 16th Comprehensive Quota Review, including a new quota formula for guidance, by December 15, 2023. We urge the IMF to continue exploring additional tools that could meet the needs of its members as the crisis evolves, building on relevant experiences from previous crises. We also support enhanced IMF assistance to help address the unique challenges facing small developing states. Beyond responding to the crisis, we ask the IMF to prepare an analysis of external financing needs in low-income developing countries in the coming years and sustainable financing options, and we ask the WBG to expand its work and deploy instruments in new ways to mobilize private financing to these countries. We welcome the G20 Framework for Effective National Platforms and the country-owned pilot platforms that have been implemented and look forward to updates from the MDBs on progress in this area. We will strengthen long-term financial resilience and support growth, including by promoting sustainable capital flows and developing national capital markets.
15. Investment in infrastructure: Infrastructure is an engine of growth and prosperity and is critical to promoting economic recovery and resilience. We support the G20 InfraTech Agenda in Riyadh, which promotes the use of technology in infrastructure, with the aim of improving investment decisions, improving value for money and promoting investments in quality infrastructure for the delivery of better results. social, economic and environmental. In accordance with the G20 Roadmap for Infrastructure as an Asset Class, we welcome the G20 / OECD Report on Collaborating with Institutional Investors and Asset Managers on Infrastructure Investing, which reflects investors’ views on the problems and challenges that affect private investment in infrastructure and presents policy options to address them. We hope to explore options to continue this work flexibly and without duplication with other initiatives, with the participation of interested MDBs and international organizations. We will advance work related to the G20 Principles for investment in quality infrastructure.
16. Financial sector issues: We are committed to the principles of the Financial Stability Board (FSB) that underpin national and international responses to COVID-19, including the need to act consistently with international standards, and we ask the FSB to continue to monitor financial sector vulnerabilities. , working on procyclicality and creditworthiness, and coordinating regulatory and supervisory measures. We welcome the FSB’s comprehensive review of the March 2020 turmoil and its future work plan to enhance the resilience of the non-bank financial sector. The pandemic has reaffirmed the need to improve global cross-border payment arrangements to facilitate cheaper, faster, more inclusive and transparent payment transactions, including remittances. We support the G20 roadmap to improve cross-border payments. We request the FSB, in coordination with international organizations and regulatory bodies, to monitor progress, review the roadmap, and report annually to the G20. We expect the FSB to complete the assessment of the effects of the Too Big to Fail reforms in 2021. Furthermore, we reaffirm the importance of an orderly transition from LIBOR to alternative benchmarks before the end of 2021. Mobilizing sustainable finance and strengthening inclusion financial matters are important for global growth and stability. The FSB continues to examine the implications of climate change for financial stability. We welcome the increasing participation and transparency of the private sector in these areas.
17. While responsible technology innovations can generate significant benefits for the financial system and the wider economy, we are closely monitoring developments and remain vigilant for existing and emerging risks. None of the so-called ‘global stablecoins’ should start operating until all relevant legal, regulatory and supervisory requirements are adequately addressed through proper design and adhering to applicable standards. We welcome reports on so-called ‘global stable currencies’ and other similar agreements submitted by the FSB, the Financial Action Task Force (FATF) and the IMF. We hope that the standard setting bodies will participate in the review of the existing standards in light of these reports and make the necessary adjustments. We look forward to further work from the IMF on the macro-financial implications of digital currencies and so-called ‘global stable currencies’.
18. We support the anti-money laundering (AML) / terrorist financing (CFT) policy responses detailed in the FATF document on COVID-19, and we reaffirm our support for the FATF, as the global regulatory body to prevent and combat money laundering, terrorist financing and proliferation financing. We reiterate our firm commitment to address all sources, techniques and channels of these threats. We reaffirm our commitment to strengthen the Global Network of FATF regional bodies, including by supporting their expertise in mutual evaluations, and call for the full, effective and rapid implementation of the FATF standards worldwide. We welcome the strengthening of the FATF standards to enhance global efforts to counter proliferation financing.
19. Digital economy: Connectivity, digital technologies and policies have played a key role in strengthening our response to the pandemic and in facilitating the continuation of economic activity. We take note of the Policy Options to Support the Digitization of Business Models during COVID-19. We recognize that universal, secure and affordable connectivity is a critical enabler for the digital economy, as well as a catalyst for inclusive growth, innovation, and sustainable development. We recognize the importance of free flow of data with confidence and cross-border data flows. We reaffirm the role of data for development. We support the promotion of an open, fair and non-discriminatory environment, and the protection and empowerment of consumers, while addressing challenges related to privacy, data protection, intellectual property rights and security. By continuing to address these challenges, in accordance with relevant applicable legal frameworks, we can further facilitate the free flow of data and strengthen consumer and business trust. We recognize the importance of working with stakeholders to connect humanity by accelerating the global penetration of the Internet and reducing digital divides. We recognize the importance of promoting security in the digital economy and welcome the G20 Examples of Practice Related to Security in the Digital Economy. We will continue to promote multi-stakeholder discussions to promote innovation and a human-centered approach to artificial intelligence (AI), noting examples of national policies to advance the G20 AI principles. We welcome both the G20 Smart Mobility Practices, as a contribution to the well-being and resilience of smart cities and communities, and the G20 Roadmap towards a common framework for measuring the digital economy. (more)
