G20 summit 2014 was the 9th intergovernmental meeting of member countries. This year it was held in Brisbane, Australia and officially opened by Australian prime minister Tony Abott. In this edition of G20 summit six new countries were invited as guest countries. These nations are Mauritania, Myanmar, Newzealand, Senegal, Singapore and Spain.
Highlights of G20 summit
The G-20 nations contribute around 85% of the world economy. In this 2days meet of G20 summit, members vowed to bolster their economies by a collective $2 trillion by 2018.
Collective GDP growth estimated around 2.1% by 2018.
New initiatives on infrastructure investment, female labour force participation, combating corruption, and remittances were agreed upon.
For global infrastructutre initiative a Sydney based Global infrastructure hub to be setup. It will help create new job openings working with other multi lateral lending agencies. This will create a silk road for pvt financing. United kingdom, China, Saudi Arabia, Newzealand, Korea, Mexico and Singapore agreed to provide the necessary financial aid for its establishments.
Female in Labourforce
Emphasis was given on participation of women in labourforc. Lowering the gendergap difference in labour force by 25% will infuse about 100 million women into work by 2015. This would add roughly 2% to world economy.
Principles to prevent illicit financial prctices to be adopted to bring transparency and fairness in the tax systems. Anti corruption action plan against use of shell companies that engage in tax evasion and money laundering activities. This plan will include measures to make international tax rules more transparent and to remove opacity around beneficial ownership of companies. The campaign “Unmask the corrupt” by Transparency International is dedicated to unearth the activities of people involved in corruption.
Apart from this importance of climate finance was discussed in this edition of G20 summit. US contributed $3 billion to Green Climate Fund.
PM Modi in G20 summit
In his first appearance in G20 summit PM Mr. Narendra Modi urged every countries especially tax havens to provide detail information for tax purposes. He supported a new global standard on automatic exchange of tax information. He hoped, the base erosion and profit sharing (BEPS) will be able to check the vulnerability arising due to tax avoidance strategy.
A Quick look on the Fact Files
i) It was the 9th meeting of the govts.
ii)Member Countries are –
Argentina,Australia,Brazil,Canada,China,France,Germany,India,Indonesia,Italy,Japan,Mexico,Russia,SaudiArabia,SouthAfrica,SouthKorea,Turkey,UK,US and the 20th member is EU(European Union).
EC(European Comission) represents EU in G-20.
•G-20 countries account for 85% of the world’s economy.
•6 countries were invited as guest countries In 2014 edition of G-20 summit.These are-
Mauritania, Myanmar, Newzealand, Senegal, Singapore and Spain.
•Venue of next G-20 summit- Antalya city (Turkey)