G20 Virtual Summit Adopts 'Leaders' Declaration'... Declaration Includes President Moon's Proposal for 'Seeking Concrete Measures to Facilitate Smooth Movement of Personnel'
[Asia Economy Reporter Ryu Jeong-min] President Moon Jae-in, U.S. President Donald Trump, Chinese President Xi Jinping, and other leaders of the Group of Twenty (G20) committed to making every effort to ensure that COVID-19 treatments and vaccines are distributed equitably at affordable prices.
The Blue House released the G20 Leaders' Declaration on the 23rd, which centered on these commitments. The G20 leaders adopted the declaration addressing major international concerns, including the response to COVID-19. The declaration also included a provision to explore concrete measures to facilitate the movement of personnel, as proposed by President Moon.
Regarding COVID-19, the G20 leaders stated, "We have mobilized resources immediately necessary to secure funding for the research, development, manufacturing, and distribution of safe and effective COVID-19 diagnostics, therapeutics, and vaccines. In line with our commitment to incentivize innovation, we will make every effort to ensure that diagnostics, therapeutics, and vaccines are distributed equitably at affordable prices to all people."
The G20 leaders added, "We welcome the enhanced financial support from multilateral development banks, which have strengthened assistance to enable countries to access COVID-19 response tools as an extension of existing multilateral efforts, and we encourage multilateral development banks to further increase their support. We recognize that immunity achieved through widespread vaccination is a global public good."
Regarding the global economy, the G20 leaders emphasized, "We stress the urgent need to control the spread of the virus, a key element in supporting the global economic recovery. While preparing for downside risks, we will continue to use all available policy tools necessary to protect lives, jobs, and incomes, support the global economic recovery, and enhance the resilience of the financial system."
The G20 leaders pledged, "We commit to implementing initiatives such as extending the Debt Service Suspension Initiative (DSSI) until June 2021, allowing eligible countries to defer repayments on official bilateral debt. We welcome the progress achieved so far."
In this context, the G20 leaders recognized, "Given the scale of the COVID-19 crisis and the severe debt vulnerabilities and deteriorating outlook in many low-income countries, we acknowledge that responses beyond the Debt Service Suspension Initiative may be necessary. In this regard, we endorse the Common Framework for Debt Treatments beyond the DSSI, approved by the Paris Club."
The leaders also reached consensus on the importance of the multilateral trading system concerning trade and investment. The G20 leaders pledged, "Supporting the multilateral trading system is more important now than ever. We will strive to create a free, fair, inclusive, non-discriminatory, transparent, predictable, and stable trade and investment environment and keep our markets open."
In particular, the G20 leaders emphasized, "We will continue efforts to foster a friendly business environment by promoting fair competition conditions," and "We will continue to explore concrete measures to facilitate the movement of personnel in ways that do not undermine our efforts to protect public health." This was a provision President Moon wished to see included in the declaration.
Additionally, the G20 leaders included in the declaration issues of international concern such as the international financial system, infrastructure investment, digital economy, international taxation, anti-corruption, sustainable development, access to opportunities, employment, women's empowerment, tourism, migration and forced displacement, environment and energy, agriculture, and water.
The G20 leaders expressed, "We thank Saudi Arabia for successfully hosting the Riyadh summit and contributing to the G20 process. We look forward to the next meetings in Italy in 2021, Indonesia in 2022, India in 2023, and Brazil in 2024."
Meanwhile, the G20 leaders stated, "As a symbol of humanity's resilience in overcoming COVID-19 and global solidarity, we commend Japan's decision to host the 2020 Tokyo Olympic and Paralympic Games next year. Furthermore, we appreciate the United Arab Emirates' determination to host the 2020 World Expo next year. We look forward to the 2022 Beijing Winter Olympics."
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