G20 of 2017, Part I
Dear Friends & Neighbors,
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For those of you who are interested in international news or U.S. position in the eyes of the world, we have some news regarding the 2017 G20 Hamburg summit , the twelfth meeting of the Group of Twenty (G20), on July 7-8 of 2017, at Hamburg Messe, in the city of Hamburg, Germany. The G20 (or G-20 or Group of Twenty) is an international forum for the governments and central bank governors from 20 major economies. Currently, these are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, and the European Union. Founded in 1999, the G20 aims to discuss policy issues pertaining to the promotion of international financial stability. It seeks to address issues that go beyond the responsibilities of any one organization. The G20 heads of government or heads of state have periodically conferred at summits since their initial meeting in 2008, and the group also hosts separate meetings of finance ministers and foreign ministers due to the expansion of its agenda in recent years. Membership of the G20 consists of 19 individual countries plus the European Union (EU). The EU is represented by the European Commission and by the European Central Bank. Collectively, the G20 economies account for around 85% of the gross world product (GWP), 80% of world trade (or, if excluding EU intra-trade, 75%), and two-thirds of the world population.
Apart from the usual, recurring themes “relating to global economic growth, international trade and financial market regulation”, the G20 Hamburg summit was expected to focus on the following “issues of global significance”.
Summary from wikipedia regarding 2017 G20 Hamburg Summit, in italics, below:
More inclusive growth
The G20 final communique placed a new emphasis on the need for trade deals to be reciprocal and non-discriminatory towards developing countries, reducing the previous emphasis on the primacy of liberalization and the promotion of free market economics across the board.
Implementation of the 2030 Agenda for Sustainable Development
In spite of the United States’ withdrawal from the Paris Agreement, the German presidency wanted to make the most of the “renewed public policy interest for environmental sustainability, gender equity and social inclusiveness, in the spirit of the UN’s Sustainable Development Goals (SDGs)” – notably through the promotion of renewable energy and further fossil fuel divestment in both industrialized and developing nations.
Indian-Norwegian cooperation and co-investment
India’s Prime Minister Narendra Modi invited Norwegian pension funds to invest in his country’s National Infrastructure Investment platform as he met Norway’s Prime Minister Erna Solberg, who, in a gesture symbolizing renewed cooperation towards the attainment of the Sustainable Development Goals, offered him a round leather ball embroidered with the initials ‘SDGs’
Women’s Economic Empowerment
Women Entrepreneurs Finance Initiative
The World Bank Group and the White House, represented by First Daughter Ivanka Trump, confirmed they would soon roll out a new fund that aims to help female entrepreneurs access capital, financing and managerial support in the developing world. World Bank Group President Jim Yong Kim said the Women Entrepreneurs Finance Initiative fund had so far raised $325 million from various governments, and that he hoped to leverage that into a multibillion-dollar investment framework.
President Trump also lent his personal support to that effort by pledging $50 million from the United States to jump-start the fund: “by investing in women around the world, we’re investing in families, we’re investing in prosperity and we’re investing in peace,” Trump said at the G 20 Summit in Hamburg.
Refugees and European migrant crisis
Counter-terrorism and national securit
In a joint statement, G20 leaders vowed to take steps to choke financing to terror groups and to take steps to prevent the internet from being used to spread propaganda. Indian Prime Minister Narendra Modi indirectly targeted Pakistan (which is not a member of G20) by naming terrorist organisations that operate from its soil and saying that the groups all share the same ideology and purpose – of spreading hate and killing people. Indonesian President Joko Widodo urged member states to unite to fight against terrorism and emphasized on preventive as well as de-radicalization programs.
The United States and Russia reached a Syrian ceasefire agreement after talks between Trump and Putin in Hamburg. German Chancellor Angela Merkel told reporters at her closing press conference of the G20 summit: “I was delighted that it was on the margins of G20 that the first meeting between Trump and Putin took place. It’s always better to talk one to the other, not one about the other. I was gratified to hear that they talked at a great length.”
Cross-cutting policy recommendations
Wolfgang Schäuble, the veteran German Federal Minister of Finance, has insisted on the interconnected nature of many of the issues facing G20 nations and the ensuing need to reach effective, cross-cutting policy measures:
Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
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