[G20 Video Conference] Joint Statement on COVID-19 (Full Text)

[Asia Economy Reporter Ryu Jeong-min] The unprecedented global pandemic of Coronavirus Disease 2019 (COVID-19) strongly reminds us of our interconnectedness and vulnerabilities. The virus knows no borders. To combat this global pandemic, a transparent, robust, coordinated, large-scale, and science-based international response grounded in the spirit of solidarity is required. We express our strong determination to respond in a united stance against this common threat.

We deeply mourn the tragic loss of lives and suffering faced by people worldwide. We will prioritize responding to the global pandemic and its closely related health, social, and economic impacts. We express our gratitude and support to all healthcare workers on the front lines as we continue to respond to the global pandemic.

The G20 pledges to take all necessary measures together with the World Health Organization (WHO), International Monetary Fund (IMF), World Bank Group (WBG), United Nations (UN), and other international organizations currently working within their mandates to overcome the global pandemic. We resolve to work individually and collectively as follows.

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· Protect lives.

· Safeguard people’s jobs and incomes.

· Restore trust, preserve financial stability, revive growth, and recover stronger.

· Minimize disruption to trade and global supply chains.

· Provide assistance to countries in need.

· Coordinate public health and financial measures.

Response to the Global Pandemic

We commit to taking all necessary health measures and securing sufficient resources to suppress this global pandemic and protect people, especially the most vulnerable. We will strengthen the international health system by timely and transparent information sharing, exchanging epidemiological and clinical data, sharing materials necessary for research and development, and fully implementing the WHO International Health Regulations (IHR 2005). We will expand manufacturing capacity to meet the increasing demand for medical products and ensure that these products are widely supplied where most needed, as quickly as possible, at fair prices and standards. We emphasize the importance of responsible communication with the public during the international health crisis response. We task health ministers to share best practices among countries and to prepare a joint G20 emergency response to this global pandemic at the ministerial meeting in April.

We fully support strengthening WHO’s mandate to respond internationally to this global pandemic, including protecting frontline healthcare workers and ensuring the supply of medical goods such as diagnostic tools, therapeutics, medicines, and vaccines. We understand the urgent need for immediate short-term actions to enhance global efforts to combat the COVID-19 crisis. We will respond swiftly with stakeholders to address funding gaps for the ‘WHO Strategic Preparedness and Response Plan.’ We also pledge to provide immediate funding on a voluntary basis to the ‘WHO COVID-19 Solidarity Response Fund,’ the ‘Coalition for Epidemic Preparedness Innovations (CEPI),’ and the ‘Gavi, the Vaccine Alliance (GAVI).’ We call on all countries, international organizations, the private sector, philanthropic organizations, and individuals to contribute to these efforts.

To safeguard the future, we will substantially increase our spending on pandemic preparedness to strengthen national, regional, and international capacities to respond to potential infectious disease outbreaks. This will enhance protection for all people, especially vulnerable groups disproportionately affected by infectious diseases. Furthermore, we commit to increasing support for vaccine and medicine research and development, utilizing digital technologies, and strengthening scientific international cooperation. We will reinforce our collaboration, including with the private sector, to accelerate the rapid development, manufacturing, and distribution of diagnostics, antivirals, and vaccines while adhering to principles of efficacy, safety, equity, accessibility, and affordability.

We request WHO, in cooperation with relevant organizations, to assess the current gaps in global pandemic preparedness and report soon to the joint meeting of finance and health ministers. This initiative will leverage existing programs prioritizing international preparedness and serve as a universal, efficient, and sustainable financing and coordination platform to accelerate the development and supply of vaccines, diagnostics, and therapeutics.

Protecting the Global Economy

We commit to taking all necessary measures and utilizing all available policy tools to minimize the economic and social damage caused by the global pandemic, restore global growth, maintain market stability, and strengthen resilience.

We are taking immediate and robust actions to stimulate the economy, protect workers, micro, small and medium enterprises, and the most affected sectors, and safeguard vulnerable groups through appropriate social protection measures. To respond to the social, economic, and financial impacts of the global pandemic, we have injected over USD 4.8 trillion into the global economy as part of targeted fiscal policies, economic measures, and guarantee schemes.

We will continue bold and large-scale fiscal support. Joint G20 actions will amplify their effects, maintain consistency, and generate synergy. Such a scale and scope of response will restore the global economy and provide a solid foundation for job protection and growth recovery. We request our finance ministers and central bank governors to meet regularly to develop a joint G20 action plan in response to COVID-19 and to work closely with international organizations to ensure timely international financial support.

We support the special measures taken by central banks to alleviate credit crunches for households and businesses, enhance financial stability, increase liquidity in international markets, and protect the functioning of the international financial system. We welcome the expansion of currency swap arrangements by central banks. We also support regulatory and supervisory measures taken to ensure the financial sector continues to support the economy and welcome the Financial Stability Board (FSB) for announcing such coordinated measures.

We welcome the actions taken by the IMF and WBG as part of international cooperation to support all countries in difficulty using all available means and request them to regularly inform the G20 of the impacts, responses, and policy recommendations related to the global pandemic. We will continue to address the debt vulnerability risks of low-income countries caused by the global pandemic. We also request the International Labour Organization (ILO) and the Organisation for Economic Co-operation and Development (OECD) to investigate the pandemic’s impact on employment.

Response to Disruptions in International Trade

For the health and well-being of all people, we will ensure the flow of essential medical supplies, key agricultural products, and other goods and services crossing borders in response to people’s needs and address disruptions to global supply chains.

We will continue to cooperate closely to facilitate international trade and respond in ways that do not create unnecessary barriers to cross-border movement and trade. Emergency measures for health protection will be targeted, proportionate, transparent, and temporary. We task trade ministers to assess the impact of the global pandemic on trade.

We reaffirm our commitment to realizing a free, fair, non-discriminatory, transparent, predictable, and stable trade and investment environment and maintaining open markets.

Enhancing International Cooperation

We will provide strong, consistent, coordinated, and swift financial packages together with frontline international organizations, especially WHO, IMF, WBG, and multilateral and regional development banks, and take rapid and robust actions to address gaps in these measures. We remain prepared to strengthen the international financial safety net on a standing basis. We call on all these international organizations to further intensify efforts, including cooperation with the private sector, to support emerging and developing countries facing the health, economic, and social shocks of COVID-19.

We express great concern about the special crises faced by refugees and displaced persons, as well as the severe risks confronting all countries lacking capacity in health systems and economic resilience, particularly developing countries, least developed countries, and especially African regions and small island developing states. We consider that firmly defending Africa’s health situation is key to maintaining international health resilience. We will strengthen capacity building and technical support, especially for vulnerable communities. We stand ready to mobilize development and humanitarian resources.

We task relevant senior officials to cooperate closely in international efforts to respond to the impacts of this global pandemic, including proportionate border management measures under domestic laws, and to provide assistance for the repatriation of their nationals when necessary.

We appreciate efforts to protect people’s health through postponement of major public events, including the International Olympic Committee’s (IOC) decision to reschedule the Olympic Games to summer 2021. We support Japan’s decision to hold the 2020 Tokyo Olympic and Paralympic Games in full form as a symbol of humanity’s resilience.

We are prepared to respond swiftly and take any additional necessary measures. We declare our readiness to reconvene if needed. International action, solidarity, and cooperation are more necessary than ever to respond to this global pandemic. We are confident that by working closely together, we will overcome it. We will protect human lives, restore global economic stability, and lay a solid foundation for strong, sustainable, balanced, and inclusive growth.