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) Project. This 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.