G-20 leaders agree to work towards eradicating unemployment, poverty

The leaders attending the 2014 G-20 Summit on Sunday agreed to work towards the eradication of unemployment and poverty, adding that the grouping will contribute to the United Nations' development agenda by strengthening economic growth and resilience.

"We are strongly committed to reducing youth unemployment, which is unacceptably high, by acting to ensure young people are in education, training or employment. Our Employment Plans include investments in apprenticeships, education and training, and incentives for hiring young people and encouraging entrepreneurship. We remain focussed on addressing informality, as well as structural and long-term unemployment, by strengthening labour markets and having appropriate social protection systems," the G-20 Leaders' Communique stated.

"This year, we set an ambitious goal to lift the G-20's Gross Domestic Product (GDP) by at least an additional two percent by 2018. Analysis by the IMF-OECD indicates that our commitments, if fully implemented, will deliver 2.1 per cent. This will add more than USD two trillion to the global economy and create millions of jobs," it added.

Talking of the measures being taken by the G-20 to eradicate poverty, the statement read that it is working towards ensuring that its actions contribute to inclusive and sustainable growth in developing countries.

"We are committed to poverty eradication and development, and to ensure our actions contribute to inclusive and sustainable growth in low-income and developing countries. We commit to take strong practical measures to reduce the global average cost of transferring remittances to five percent and to enhance financial inclusion as a priority," the statement read.

"The G-20 Food Security and Nutrition Framework will strengthen growth by lifting investment in food systems, raising productivity to expand food supply, and increasing incomes and quality jobs. We support efforts in the United Nations to agree an ambitious post-2015 development agenda. The G-20 will contribute by strengthening economic growth and resilience," the statement added.

Prime Minister Narendra Modi, currently in Australia, attended the two-day long G-20 Summit held here.

The Prime Minister travels to Sydney on Sunday where he will address the Indian diaspora, before visiting Canberra and Melbourne. On November 18, he leaves for Fiji, which is the final leg of his three-nation trip.