Category: World News

Antalya, Turkey - The G-20 is the world’s premier forum for economic policy cooperation, where Leaders representing economies that account for about 85 percent of global economic output assemble to promote strong, sustainable and balanced growth and to address urgent global economic challenges.  At this year’s Summit in Antalya, Leaders committed to undertake a number of concrete actions to strengthen the global economy, make global growth more inclusive, enhance the resilience of the international financial system, mobilize investment to raise long-term growth, and implement previous commitments on economic reform and labor markets.

Bolstering Counterterrorism Efforts

G-20 Leaders condemned terrorist attacks in Paris and in Ankara as well as Lebanon and elsewhere around the world.  They reaffirmed their solidarity and resolve in the fight against the scourge of terrorism facing their countries, as well as others.  Today’s global terrorism landscape is complex, with core al-Qa‘ida at its weakest point in over a decade, yet al-Qa‘ida affiliates and ISIL remain a serious threat.  Leaders resolved to work together to prevent terrorist acts.  Leaders agreed to build on areas of longstanding international counterterrorism cooperation by combatting radicalization and recruitment, hampering terrorist movements, countering terrorist propaganda, and preventing the financing of terrorism.  Leaders resolved to address the growing flows of foreign terrorist fighters and to proactively prevent violent extremism.  The United States will continue to show resolve in confronting terrorist groups wherever they are located, whether this be through the application of continued counterterrorism pressure on core al-Qa‘ida and al-Qa‘ida affiliates; by leading the way in a 65-member coalition to confront ISIL; or by developing and backing programs that seek to address the root causes of terrorism and radicalization.  

Promoting International Norms of Responsible State Behavior in Cyberspace

Building on President Obama and President Xi’s historic agreement on state activity in cyberspace during President Xi’s State Visit to Washington, D.C. in September 2015, G-20 Leaders acknowledged the risk of cyber threats to the collective ability to use the Internet to bolster economic growth and development.  Leaders affirmed that international law applies to state conduct in cyberspace and committed that all states should abide by norms of responsible state behavior in cyberspace, and affirmed that no country should conduct or support cyber-enabled theft of intellectual property with the intent of providing competitive advantages to companies or commercial sectors.

Achieving Strong, Sustainable, and Balanced Global Economic Growth

The United States remains a key source of strength in the global economy.  U.S. businesses have added 13.5 million jobs over the last 68 months, fueling the longest streak of private-sector job growth on record and driving our unemployment rate down to 5 percent.  Since 2009, the budget deficit is down by nearly three-fourths, American households and businesses have reduced their debt and resumed spending and investing, helping to power the global economy.

While the United States is experiencing a solid and sustained expansion, G-20 Leaders recognized that global economic growth is uneven and is falling short of expectations.  In Antalya, G-20 Leaders committed to undertake a number of concrete steps to boost growth and job creation. 

Making Global Growth More Inclusive

In Antalya, G-20 Leaders acknowledged that rising inequality not only poses risks to social cohesion, but can also hinder economic growth and employment.  Inclusive growth is not just the right thing to do – it is in the G-20’s economic best interests.  In a world where demand is persistently weak, it is critical to lift wages and put more money in the pockets of middle-class households so they can spend and drive growth.  And when overall potential growth is slowing, it is also essential to invest in education and training, so that all of our citizens – especially youth, which has been a focus of the Turkish G-20 Presidency – have the opportunity to realize their full individual potential.

Addressing the Global Refugee Crisis

In Antalya, Leaders acknowledged the historic numbers of refugees around the world, and committed to strengthen support for all efforts to provide protection and assistance and to find durable solutions.  Leaders called upon all states to contribute to responding to this crisis, through refugee resettlement, other forms of humanitarian admission, humanitarian aid and efforts to ensure that refugees can access services, education and livelihood opportunities.  Leaders underlined the need to address the root causes of displacement, including through finding political solutions to the conflicts that adversely affect many regions of the world.  President Obama called on all countries to work closely with- and to scale up- their assistance to international organizations in order to enhance their capabilities, and urged the private sector, civil society and individuals to also join in these efforts.

As the world’s largest humanitarian donor, the U.S. Government has provided $6.5 billion in life-saving food, healthcare, water, and shelter this year.  This assistance supports refugees and other displaced persons, the communities that host them, and other vulnerable groups affected by conflict, natural disasters and food insecurity. Additionally, the United States has committed to increasing the number of refugees resettled in the United States, including more Syrians.

Promoting High-Standard Trade and Investment

Leaders reiterated their commitment to a strong and effective multilateral trading system and committed to work toward a successful World Trade Organization Nairobi Ministerial Meeting in December 2015.  They committed to increase efforts to implement the Bali Package, including prompt ratification and implementation of the Trade Facilitation Agreement, which will eliminate red tape and bureaucratic delay for merchandise shipped around the world, unlocking potentially hundreds of billions of dollars in global economic value once it enters into force.  At the G-20, President Obama had the opportunity to brief G-20 leaders on the recently-concluded Trans-Pacific Partnership (TPP) and our ongoing negotiations of the Transatlantic Trade and Investment Partnership (T-TIP). 

Strengthening the Global Financial System

When G-20 Leaders met for the first times in 2008 and 2009 in the midst of the global financial crisis, cross-border coordination in financial regulation and supervision had just proven woefully inadequate.  Building a stronger, safer, more resilient international financial system has been one of the most important elements of the G-20’s agenda.  This year, the G-20 took several important steps forward, including the development of two key international standards designed to address “Too Big to Fail” around the world.  First, Leaders endorsed the Financial Stability Board’s standard for total loss-absorbing capacity of global systemically important banks so that these banks can be wound down without damaging the broader economy or making taxpayers foot the bill.  Second, Leaders also welcomed a first version of a higher loss absorbency standard for global systemically important insurers.

Leaders also committed to making further progress in finalizing the remaining post-crisis reforms, particularly for over-the-counter derivatives.  G-20 Leaders also reiterated their commitment to ongoing robust monitoring of new risks and vulnerabilities in the financial system and agreed to propose enhanced monitoring and oversight, as needed, appropriate to the systemic risks posed.  In the United States, the Obama Administration established a comprehensive framework to reduce derivatives’ ability to disrupt the financial system: standardized derivatives are required to be centrally cleared and traded on exchanges or transparent trading platforms with appropriate margining, increasing transparency and reducing risk.  Dealers, other major swap participants, hedge funds, and other private funds must keep records and report every standardized trade to regulators. 

A Modern, Fair International Tax System

In Antalya, Leaders expressed support for the package of measures developed under the G-20/OECD Base Erosion and Profit Shifting (BEPS) project to make the global business taxation system more fair and efficient.  G-20 Leaders affirmed that widespread and consistent implementation of the BEPS recommendations going forward will be critical.  The President has proposed and called upon Congress to enact reforms to the U.S. international tax rules, including such important provisions as a minimum tax on foreign income.

Fighting Corruption and Promoting Transparency

The United States has formed a team of investigators dedicated to recovering the proceeds of corruption and will support the Arab Forum on Asset Recovery in December 2015. 

Advancing Global Health and the Global Health Security Agenda

Building on the 2014 Brisbane Statement on Ebola, Leaders underscored the importance of a coordinated international response resolved to tackle global health risks and resolved to tackle disease threats and weak health systems to fight the adverse impacts on the global economy.  Today, the Obama Administration is announcing that the United States and 30 partner countries have made a commitment to work together over five years to achieve the targets of the Global Health Security Agenda, as part of a larger call for international action to strengthen the capacity needed to prevent, detect, and respond to infectious disease threats.  In each of these 30 countries, the host governments are partnering with the United States to establish milestones and a five-year country roadmap to achieve the Agenda’s targets.

Supporting Sustainable Development

2015 is a landmark year for development, and G-20 Leaders expressed their determination to ensure their actions contribute to inclusive and sustainable growth. 

Addressing Climate Change and Boosting Clean Energy

G-20 leaders met two weeks before world leaders will convene in Paris, France, to launch the Paris Climate Conference.   They sent a powerful political signal for strong climate action.