Meet resolves to promote growth

Commits to resisting protectionist measures, fighting graft

At the G-20 summit, leaders of member countries resolved to promote strong, sustainable balanced growth, resist any protectionist measure and intensify the fight against corruption.

At the end of the two-day summit here, the leaders committed to strengthening recovery and easing financial market tensions.

They said Euro zone members would take all necessary policy measures to ensure reforms and stability in the region, especially in debt-laden Greece.

“We will work collectively to strengthen demand and restore confidence, with a view to supporting growth and fostering financial stability to create high-quality jobs and opportunities for all our citizens. We have agreed on a coordinated Los Cabos Growth and Jobs Action Plan to achieve those goals,” read the declaration released on Tuesday.

G-20 PROMISES

• Support economic stabilisation and global recovery
• Combat unemployment and give social protection
• Open trade and investment and resist protectionism
• Strengthen the international financial architecture
• Reform financial sector and foster financial inclusion
• Enhance food security, address commodity price volatility 
• Eradicate poverty, meet challenges of development
• Long-term prosperity through inclusive green growth
• Intensify the fight against corruption

G-20 countries would also opt for structural and regulatory reforms, enhance medium-term growth prospects and build more resilient financial systems. The leaders said the commitments would be implemented in a timely manner and their implementation would be monitored rigorously.

Recognising the impact of the continuing crisis on developing countries, particularly low-income countries, the declaration said the G-20 would intensify its efforts to create a more conducive environment for development, including supporting infrastructure investment.

It was agreed countries with fiscal space would take measures to support demand.

The US would calibrate the pace of its fiscal consolidation by ensuring its public finances were placed on a sustainable long-run path to avoid a sharp fiscal contraction in 2013.

The countries would also keep an eye on the movement of oil prices to ensure supply was consistent with demand.

G-20 leaders showed commitment to opening trade and investment, and raised concern on rising protectionism across the world.

They also reaffirmed their commitment to rolling back any new protectionist measure, including new export restrictions and measures to stimulate growth that were are not compliant with World Trade Organisation guidelines.

They expressed confidence that a commitment of $450 billion to the International Monetary Fund would help safeguard financial stability and prevent a global crisis.

India has committed $10 billion, as part of the $75 billion pledged by BRICS (Brazil, Russia, India, China, South Africa) nations.

The G-20 declaration also committed to enforcing anti-corruption legislation. “Corruption impedes economic growth, threatens the integrity of markets, undermines fair competition, distorts resource allocation, destroys public trust and undermines the rule of law. We call on all relevant stakeholders to play an active role in fighting corruption. We renew our commitment to deny safe havens to the proceeds of corruption and to the recovery and restitution of stolen assets,” it said.