G-20 to combat terrorism, tackle uneven global economic growth unitedly

G-20 to combat terrorism, tackle uneven global economic growth unitedly

Submitted by Subeditor on Tue, 2015-11-17 11:22 New Delhi, Nov. 17: The leaders of G20 have decided to tackle global uneven economic growth and reaffirmed their commitment to fight terrorism unitedly.In a communique released at the end of the two-day G-20 summit at Antalya in Turkey last night, they noticed that risks and uncertainties in financial markets still remain and observed that geopolitical challenges are increasingly becoming a global problem.However, the G-20 has reaffirmed its earlier goal of achieving two percent additional GDP growth by 2018.On Climate Change, it reiterates its commitment to limit global temperature increase to 2 degrees Celsius above current levels, as mentioned in the Lima Call for Action. The communique favours an ambitious, fair and balanced outcome in the Conference of Parties CoP-21 meet to be held in Paris on the issue.The leaders have reinstated their faith on the World Trade Organisation as the backbone of the multilateral trading system and have urged to fully implement the Bali Package that aims at lowering global trade barriers.To tackle the problem of transferring profits to tax havens, the G-20 has developed a package under the “Base Erosion and Profit System” project. It urges the automatic exchange of tax-related information system to come into force by 2018. The document also calls for intolerance to corruption and deny safe havens to illegally acquired wealth. It notes that the ongoing refugee crisis is a global concern and seeks to encourage global contribution in managing the crisis.Seeking early implementation of the International Monetary Fund's governance reforms, the communique endorses global food security measures. On the remittance front, it seeks to reduce the charges for people to send money back home to five percent.The G-20 final communique accommodates several concerns India have been raising in various multilateral forums for long. Being the largest recipient of remittances, Prime Minister Narendra Modi insisted on lowering the charges and its inclusion in the document is considered a positive development.The passage on tax evasion is an area of comfort as collective movement under the “Base Erosion and Profit Shifting” project has been included to plug the loopholes. The notes on trade, labour, infrastructure and corruption also reflect the viewpoints of India. In a separate statement, the G20 leaders have condemned terrorism and resolved to choke terror funding, share information and take action for better border management.Prime Minister Narendra Modi on Monday departed for New Delhi from Antalya after attending the G-20 Summit. Before leaving for New Delhi, Prime Minister Modi extended his gratitude to Turkish President Recep Erdogan for the hospitality during his stay. (ANI)