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Antalya, Turkey, 15-16 November 2015

The Turkish Presidency developed the G20 agenda with a focus on the “3 I’s: Investment, Inclusiveness and Implementation.” The communiqué of the Leaders’ Summit highlighted the progress made, such as the target to decrease by 15% the number of youth at risk of being permanently left behind in the labour market by 2025. Leaders developed country-specific investment strategies, and endorsed all 15 actions within the G20/OECD BEPS project and the G20/OECD Principles of Corporate Governance. Finally, substantial work was done to encourage SME growth, including the G20/OECD High-Level Principles on SME Financing as guidelines.

Priorities

During its tenure as President of the G20 Summit, Turkey led the G20 nations through its agenda of “3 I’s: Inclusiveness, Investment and Implementation.” The emphasis that Turkey placed on inclusiveness was notable, bringing the transversal issue of inequality into the various discussions of the G20 agenda. In addition, the Presidency created a specific engagement group aimed at promoting gender equality, called “Women 20.” The importance placed on the two additional themes of investment and implementation came as a response to the current economic climate of sluggish growth driven by a sharp slowdown in emerging market economies and in global trade. 

Upon this backdrop, leaders also discussed pressing concerns to the global community. As the attacks in Paris occurred mere days before the Summit, the issue of terrorism was addressed through a statement issued by the leaders. In addition, discussion centred on the need for the G20 to give a strong political impetus to global agendas such as the SDGs, the climate change negotiations and the WTO discussions.  Leaders expressed their commitment to implement the Agenda 2030, to achieve a significant outcome at the WTO Ministerial Conference, and to send a strong political message to their climate negotiators assembled in Paris for the COP21.

Main Achievements and OECD Contributions

The G20 heads of state issued a final communiqué, echoing the themes of Investment, Inclusiveness, and Implementation. The narrative of inclusiveness is underpinned by several concrete achievements and commitments, including in the areas of youth employment, skills and job quality. In particular, the leaders set a concrete target to decrease the number of youth in the labour market most at risk of being permanently left behind in the labour market by 15% by 2025 in G20 countries. The leaders also endorsed the G20 Quality Job Framework and the G20 Skills Strategy, both of which were elaborated with substantial contributions from the OECD. 

The Turkish Presidency made strong efforts to include the perspective of Low Income Developing Countries (LIDCs) and an overall theme of development throughout the G20 work streams. This is evidenced in the communiqué by: the strong commitment by G20 Leaders to implement the Agenda 2030; the endorsement of the G20 Action Plan on Food Security and Sustainable Food Systems, the G20 Leaders’ Call on Inclusive Business and the G20 National Remittance Plans. The OECD supported all of the various strands of G20 work on development, including the crafting of a Multi-Year Framework for Policy Coherence and Coordination on Human Resource Development, as well as G20 work on private investment in infrastructure in developing countries.   

In the realm of taxation, a major outcome of the Summit was the Leaders’ endorsement of the 15 Actions under the G20/OECD Base Erosion and Profit-Shifting (BEPS) ProjectThis initiative is a step towards a more transparent, effective and fairer international tax architecture. The move towards Automatic Exchange of Information was also reaffirmed by leaders, effective 2018 at the latest. 

In continuation of the target to raise collective G20 GDP by an additional 2 percent by 2018 announced last year in Brisbane, the leaders issued the Antalya Action Plan and the G20 Country Investment Strategies. The OECD was critical in the definition of the G20 Country Investment Strategies, and analysed that these strategies
“would contribute to lifting the aggregate G20 investment to GDP ratio by an estimated 1 percentage point by 2018,” as referenced in the Leaders’ Communique. The OECD also crafted the WBG/ OECD Project Checklist for Private-Public Partnerships (PPPs) as an instrument for developing countries to finance infrastructure projects, referenced in the Antalya Action Plan

The G20 also devoted time to SME development, and the participation of SMEs and low income countries in the global economy. To further this aim, the OECD provided analysis on improving the integration of both small businesses and developing countries into global value chains and drew up the G20/OECD High Level Principles on SME financing and the G20/OECD Principles of Corporate Governance. These two sets of principles were respectively welcomed and endorsed by the Leaders.

Finally, the G20 leaders reaffirmed the goal to keep temperature rise below 2°C as stated in the Lima Call for Action and conveyed their determination to work together for a positive outcome of the COP 21 in Paris this year. Renewable energy investment was a key issue during the discussion, due to its importance in improving energy access and addressing climate change. Leaders reiterated their commitment to phase-out fossil fuel subsidies within the “medium-term,” however more specific commitments were not agreed.

Future Work

As per Leaders’ request, the OECD is currently monitoring and tracking targets of past G20 Summits: the gender target set in Brisbane, to reduce the gender gap by 25% by 2025; and the youth target set in Antalya to reduce the number of youth at risk of being left behind in the labour market (15% by 2025). The OECD will also continue to report on trade and investment restrictive measures, on skills and on job quality. The Antalya Action Plan also highlights the OECD’s role in monitoring and tracking targets, and asks for continuing analytical support going forward.

In addition, the OECD will support the implementation of the 15 Actions of the G20/OECD BEPS project endorsed by Leaders in Antalya by creating a framework by 2016 in conjunction with interested non-G20 countries “on an equal footing” who commit to put the actions of the BEPS project into effect.

Looking ahead to the 2016 Leaders’ Summit on 4-5 September in Hangzhou, the OECD will continue to work with the G20 and support the Chinese Presidency. The theme for the upcoming year will continue some of the key aims of the Turkish presidency, and expand to the 4 I’s of Innovative, Invigorated, Interconnected and Inclusive World Economy.