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G20 pledges to build culture of intolerance towards corruption

15NOV92U

Leaders of the world’s 20 biggest economies today pledged to use all policy tools to address uneven economic growth even as they endorsed India’s concern over delays in implementation of IMF reforms, and building a global culture of intolerance towards corruption.

The leaders after the two-day Summit, which was overshadowed by the deadly attacks claimed by ISIS in Paris, highlighted the need to “carefully calibrate” and clearly communicate their policy decisions.

They also noted the scale of the refugee crisis, saying all states need to share the burden, including through refugee resettlement and other forms of humanitarian aid, while underscoring the importance of a political solution.

The leaders vowed to continue to work towards lifting global GDP by an additional 2 per cent by 2018, said the communique issued at the end of the Summit, which was attended by global leaders, including US President Barack Obama and Indian Prime Minister Narendra Modi.

It also endorsed steps for timely implementation of the package of measures to check Base Erosion and Profit Shifting (BEPS).

“In support of our growth and resilience agenda, we remain committed to building a global culture of intolerance towards corruption through effectively implementing the 2015-2016 G20 Anti-Corruption Action Plan,” the G20 communique said.

The G20 leaders recognised that advancing inclusive growth and entrenching confidence require the use of all policy tools and strong engagement with all stakeholders.

“We remain resolute to continue our collective action to lift actual and potential growth of our economies, support job creation, strengthen resilience, promote development and enhance inclusiveness of our policies,” the communique said.

The communique reflected India’s concern on adopting climate change. India has been pressing for convention on climate change which has to be adhered to within the UN framework.