G20 from 2008 to 2016

Successes and Commitments

In this year the G20 will build on the results of previous presidencies and ensure broad continuity in the G20´s work. This is a prerequisite for it to achieve long-lasting progress. We present some of the successes and commitments of the G20 from 2008 to 2016.

At the same time, Germany wishes to add further topics to the agenda in cooperation with its G20 partners in order to reduce economic, social, ecological and political risks and to safeguard strong, sustainable, balanced and inclusive growth through collective action.

All successes and commitments are available in the official and adopted G20 Summit documentation.

2008 - Washington

The World Economy: Leaders met for the first time. Commitment made to stronger macro-economic cooperation between G20 countries, so as to support the global economy and stabilise financial markets.

Financial Markets/International Financial Architecture: Agreement to common principles to guide financial market reform, so as to improve financial market stability and resilience and avoid future financial crises.

Trade and investment: First-ever commitment to resist protectionism, in the form of a "stand still" pledge to refrain from imposing any new trade or investment barrier for 12 months.

Energy and climate: Climate change and energy security recognised as "critical challenges" to be addressed Combating money laundering and terrorism financing Strong recognition of the importance of national and international measures to protect the global financial system from risks of illegal financial activity.

2009 - London and Pittsburgh

The World Economy: Largest ever internationally coordinated fiscal and monetary stimulus package undertaken. Adoption of the G20 Framework for Strong, Sustainable and Balanced Growth, so as to restore confidence, growth and employment globally.

Financial Markets/International Financial Architecture: A new Financial Stability Board established to include major emerging market economies with a stronger financial regulation mandate. Agreement on substantial increase in International Monetary Fund resources to ensure a strong and resilient international financial architecture.

International tax cooperation: In the interests of making taxation fairer, transparent and reliable internationally, commitment made to take action against non-cooperative jurisdictions, including tax havens. A renewed call for standards, cooperation and information exchange.

Trade and investment: Standstill commitment complemented by a pledge to rollback any existing barriers to trade or investment. WTO, UNCTAD and OECD mandated to publicly report on protectionist measures. 250 bn USD support for trade finance.

Employment: Commitment to support those affected by the Global Financial Crisis by creating employment opportunities and through income-support measures.

Energy and climate: In order to shift to a low-carbon global economy, commitment made to phase out and rationalize fossil fuel subsidies over the medium-term while providing targeted support to the poorest.

Partnership with Africa: Recognition of the historic commitment of G20 members to meeting the (then) Millenium Development Goals, especially to sub-saharan Africa.

2010 - Toronto and Seoul

The World Economy: Endorsement of new rules to improve the resilience of banks and the banking system (Basel III), with a commitment to full national implementation by 2019. Goal set to contribute to more sustainable public finances, namely that advanced economies will at least halve deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016.

Financial Markets/International Financial Architecture: Agreement to reform global financial architecture to meet today`s needs, with a commitment to better representation of major developed economies and developing economies in the International Monetary Fund. Launch of the Global Partnership for Financial Inclusion.

International tax cooperation: Budget consolidation goals set, namely "advanced economies will at least halve deficits by 2013 and stabilise or reduce government debt-to-GDP ratios by 2016".

Trade and investment: International organisations mandated to report on the concrete benefits of trade liberalisation for employment and growth.

Development, including implementing the 2030 Agenda: Commitment for the G20 to work in partnership with other
developing countries to help maximise their growth potential. Launch of a concrete Multi-Year Development Action Plan to promote improvements in people´s lives, in particular through the development of infrastructure in developing countries.

Partnership with Africa: Recognition of the potential for faster growth in Africa, which could be unlocked by Africa plans for deeper regional economic integration.

Tackling corruption: Endorsement of the first Action Plan Against Corruption, in recognition that corruption is a severe impediment to economic growth and development.

Agriculture, food security and environmental protection: Committment to safeguard the global marine environment.

2011 - Cannes

Financial Markets/International Financial Architecture: Agreement to non-binding conclusions on how best to manage capital flows, so as to realise their economic benefits while addressing the challenges posed when flows are large and volatile.

International tax cooperation: Commitment by G20 Members to sign a multilateral convention to regulate tax information exchange between its parties.

Employment: Focus placed on strengthening the social dimension of globalisation. Commitment to promote and ensure full respect for workplace rights.

Combating money laundering and terrorism financing: Support for the Financial Action Task Force`s work to engage jurisdictions with systemic anti-money laundering and counter-terrorist financing deficiencies.

Agriculture, food security and environmental protection: Launch of the Agriculture Market Information System to reinforce the transparency of agricultural product markets. Endorsement of an Action Plan on Food Price Volatility and Agriculture.

2012 - Los Cabos

The World Economy: Agreement to an Accountability Framework to enhance implementation of the G20´s growth goal, through regular assessments by the international organizations.

Financial Markets/International Financial Architecture: Adoption of Financial Inclusion Indicators, to improve data on how financial inclusion can promote equality and inclusive development. Commitment to increase IMF resources by bilateral loans.

Trade and investment: Recognition given to the importance of regional and global value chains, and of enhancing developing country participation in these value chains.

Energy and climate: Focus placed on inclusive green growth to promote longer-term prosperity and as a cross-cutting theme for the G20´s development agenda.

Empowering Women: Commitment made to overcome the barriers hindering women´s full economic and social participation, and to expand economic opportunities for women in G20 economies.

2013 - Saint Petersburg

Financial Markets/International Financial Architecture: Agreement on an Roadmap Towards Strengthened Oversight and Regulation of Shadow Banking, an issue that is key to ensuring financial market stability

Trade and investment: Commitment to trade transparency reinforced. Standstill and rollback commitments renewed until 2016. Emphasis placed on coherence between regional trade agreements and the multilateral trading system.

Energy and climate: Commitment to support the Green Climate Fund´s operationalisation, a mechanism under the UN to assist developing countries with climate change adaptation and mitigration practices.

Development, including implementing the 2030 Agenda: Process initiated for ensuring accountability for the G20 commitments to developing countries, thereby contributing to global rebalancing.

2014 - Brisbane

The World Economy: Commitment made to G20 countryspecific growth strategies. Ambition agreed to raise collective G20 Gross Domestic Product by 2% by 2018.

Financial Markets/International Financial Architecture: Update of the Roadmap Towards Strengthened Oversight and Regulation of Shadow Banking.

International tax cooperation: Adoption of High-Level Principles on Beneficial Ownership, an important step in identifying the actual owners of legal arrangements. Commitment to begin automatically exchanging tax information by 2018.

Trade and investment: Establishment of a Global Infrastructure Hub to promote longer-term infrastructure financing.

Employment: Endorsement of country-specific Employment Plans, including investments in apprenticeships, education and training, and incentives for hiring young people and encouraging entrepreneurship.

Energy and climate: Agreement to International Principles for Energy Collaboration and Action Plan for Voluntary Collaboration on Energy Efficiency, in recognition that strong, resilient energy markets are critical to economic growth.

Global health: Publication of a Leaders Statement on Fighting Pandemics. The International Monetary Fund and World Bank Group asked to explore mechanisms to address the economic effects of future comparable crises.

Empowering Women: "25% by 2025" commitment made to reduce the gender gap in women´s labour market participation in G20 countries by 25% by 2025.

Tackling corruption: Adoption of G20 High-Level Principles on Corruption and Growth to outline how corruption impedes economic growth and to frame the G20´s practical steps to combat corruption.

2015 - Antalya

International tax cooperation: Endorsement of 15 actions to target the erosion of the tax base and profit shifting (BEPS), to help achieve a globally fair and modern tax system.

Trade and investment: Publication of G20 country-specific investment strategies.

Employment: "15% by 2025" target to reduce the number of youth at risk of being permanently left behind in the labour market by 15% by 2025 in G20 countries.

Energy and climate: Endorsement of G20 Toolkit of Voluntary Options for Renewable Energy Deployment, to help accelerate its use through technological development and innovation.

Development, including implementing the 2030 Agenda: Strong commitment made to strengthen dialogue and engagement on development with Low Income Developing Countries.

Global health: Agreement to give attention to global health risks such as antimicrobial resistance, infectious diseases threats and weak health systems as these can significantly impact growth and stability.

Empowering Women: Establishment of a specific engagement group aimed at promoting gender equality in the G20 context - Women 20.

Tackling the causes of displacement: Migration recognised as a global opportunity and challenge. Commitment to strengthen support for efforts to protect the unprecedented global number of refugees and internally displaced persons.

Partnership with Africa: Initiative to improve Energy Access in Africa and Least Developed Countries, with the first phase to be focused on subsaharan Africa.

Combating money laundering and terrorism financing: Commitment reaffirmed to tackle the financing channels of terrorism, particularly by ehanced cooperation on exchange of information.

Agriculture, food security and environmental protection: Endorsement of an Action Plan on Food Security & Sustainable Food Systems to promote responsible agriculture and food system investments. A focus on the needs of smallholder farms, rural women and youth.

2016 - Hangzhou

The World Economy: A focus placed on inclusive and innovative growth, building on the efforts of previous Presidencies. Endorsement of a G20 Innovation Action Plan to pursue pro-innovation growth strategies.

Financial Markets/International Financial Architecture: New financial inclusion indicators agreed to measure the use, availability and quality of digital financial services in more than 200 economies worldwide. Re-commitment to finalise the banking regulatory (Basel III) framework by the end of 2016.

International tax cooperation: Agreement to submit a list of non-cooperative jurisdictions in the area of tax transparency by 2017 and consider proposals for measures against those benefiting from failing to implement global standards.

Trade and investment: Anti-protectionist commitments extended to 2018. Focus placed on better communicating the benefits of trade and open markets, alongside domestic policies to widely distribute these benefits. Separately, establishment of a global forum for reducing steel overcapacity.

Energy and climate: Commitment to join the Paris Climate Change Agreement as soon as domestic procedures in each G20 member allow.

Development, including implementing the 2030 Agenda: Endorsement of the G20 Action Plan on the 2030 Agenda for Sustainable Development, to further align the G20´s work with the 2030 Agenda, while recognising it is a UN-led process.

Digitalisation: G20 Digital Economy Development and Cooperation Initiative launched. The Initiative aims to foster favourable conditions for the digital economy and to address the digital divide.

Global health: Relevant international organisations mandated to report back in 2017 with concrete recommendations on further G20 action to tackle anti-microbial resistance, including on R&D incentives and prudent use.

Tackling the causes of displacement: Recognition of the benefits to economies and societies of well-managed migration. Mandate given for the G20 to address forced displacement and migration issues in 2017.

Partnership with Africa: Launch of a G20 Initiative on Supporting Industrialization in Africa and Least Developed Countries to strengthen their inclusive growth and development potential.

Tackling corruption: Endorsement of the 2017-18 Anti-Corruption Action Plan to improve public and private sector transparency and integrity.

Thursday, 1 December 2016