This is the Content of the G20 Summit Declaration's

Badung, CNBC Indonesia - The leaders of the G20 Forum member countries have agreed on a joint declaration at the summit meeting or the Indonesian G20 Presidency Summit held in Bali, November 15-16^th, 2022.

A total of 52 points of agreement are contained in the declaration document entitled G20 Bali Leaders Declaration.

In the first point of the declaration, it voiced the joint commitment of the G20 nations' leaders since the first time they met at the summit event held 14 years ago, November 14, 2008, the G20 will always be the premier forum for global economic cooperation to face world economy challenges.

The second and third points describe several crises that have been faced and become shared experiences to solve future problems. This year, the economic crisis, according to them, was triggered by the war between Russia and Ukraine, which disrupted supply chains, inflation, energy and food insecurity, and increased financial stability risks.

"We recognize that the G20 is not a forum for resolving security issues, but these security issues can have significant consequences for the global economy," as quoted from the declaration document.

In the fourth point, they stated the importance of peace because the current era, according to them, is no longer the time for war. Meanwhile, the fifth point is their commitment to jointly use all policy instruments to rise together from various current economic problems.

As for point six to 10, the leaders agreed to address global food security issues arising from the war in Ukraine. Among them is to support all efforts to keep food supply chain functioning properly, and to promote investment in agricultural development research with a scientific approach.

In the 11th point, the G20 leaders agreed on joint efforts to deal with climate change and energy crisis exacerbated by geopolitical conflicts. Similarly, the 12th point makes the Bali Compact and Bali Energy Transition Roadmap guidelines t solve energy crisis.

Up to point 18, G20 leaders expressed their commitment to solve this problem. Most notably by supporting the 2022 G20 Sustainable Finance Report and policy drivers for the energy transition through financing and investment incentives.

For points 19 to 23, the declaration agreed upon by the leaders of the G20 member countries to focus on the commitment to promote sustainable health recovery. Especially after the emergence of the Covid-19 Pandemic which was followed by the monkeypox outbreak. This includes supporting the existence of the Pandemic Fund, until the vaccine technology transfer.

"We support the continuation of international dialogue and collaboration in the establishment of a trusted global digital health network as part of efforts to strengthen prevention and response to future pandemics," they said.

Points 24 to 26 of the declaration agreement concern joint efforts to accelerate the transformation of digital ecosystem and digital economy. They consider digital technology to be the key to recovering from the pandemic impact in maintaining the sustainability of human capacity development in all sectors.

"It is critical to ensure that no one is left behind in our efforts to digitally transform our societies, by engaging all stakeholders, including youth, women, the business sector, audit institutions, parliaments, scientists, and labor," the G20 leaders said in a written declaration.

The 27th point is also still in the digital scope, but its direction is towards the support of the nations' leaders to implement the G20 Roadmap for Enhancing Cross-Border Payments as an effort to encourage the development of cross-border payment systems. The 28th point is also related to the digitalization of the financial system which is more inclined towards financial inclusion.

It was only on points 29 to 35 that they agreed on the use of state policy instruments, particularly in the monetary and fiscal sectors to support the collective ambition of a shared recovery and a stronger economic recovery. For example, by ensuring fiscal policy responses remain nimble and flexible to support inclusive economic growth.

They also ensured that macroprudential policies would continue to be utilized to anticipate rising systemic risks from tighter financial conditions. The central banks of the G20 countries will also continue to be committed to maintain price stability.

"Central bank independence is critical to achieving these objectives and supporting the credibility of monetary policy," the G20 leaders said.

On the tax side, there was much support for the implementation of international tax transparency standards. As for the resilience of the financial architecture at large, they support the sustainable flow of capital flows to the development of local currency capital markets. Not to mention the development of Central Bank Digital Currency.

On the 36th and 37th points, they agreed to strengthen the role of the WTO to maintain a rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable, and transparent multilateral trading system (MTS).

For the scope of strengthening investment that is inclusive, accessible, and available for all parties, they agreed on the 38th point of the declaration. One of them is by voluntarily and non-bindingly supporting the G20/GI Hub Framework on How to Best Leverage Private Sector Participation to Scale Up Sustainable Infrastructure Investment.

Their 39th to 41st declaration points focus on strengthening the resilience of an inclusive labor sector, including migrant workers, by developing human capacity. Followed by ensuring the development of G20 forum cooperation with developing countries like the Pacific and Caribbean regions, as well as Africa.

"We have given a special note to initiatives here such as the Coalition for Disaster Resilience Infrastructure and the Global Blended Finance Alliance. And welcomed the Global Platform for Disaster Risk Reduction," they said.

From points 44 to 45, G20 leaders declared a commitment to expand access to education and improve its quality as one of the essential tools for inclusive and sustainable economic recovery. They also support international research and innovation collaboration.

"We recognize the importance of research and innovation in the sustainable use of resources in various sectors, especially amid health, climate, food and energy crises," they said.

Their 46th declaration points specifically to support the commitment of gender equality, to the empowerment of women as one of the supporters of sustainable development. While the 47th point is to maintain the tourism sector which is the most affected by the Covid-19 pandemic, because many supporting sectors are highly dependent on that sector such as MSMEs, up to the creative economy.

Accordingly, at the 48th point, they ensure respect, protection and preservation of the cultural heritage of existing peoples, including local communities and Indigenous Peoples. They support the existence of public incentives and sustainable investment from the private sector to strengthen the cultural economy.

In the 49th and 50th points, G20 nations' leaders agreed to strengthen commitments to anti-corruption efforts including through legally binding instruments, while renewing their zero-tolerance commitment to corruption. It also deals with efforts to combat money laundering, terrorism financing, and proliferation financing.

"We reaffirm our commitment to realizing the strategic priorities of the Financial Action Task Force (FATF) and FATF Style Regional Bodies (FRBs) to lead global action in response to this threat," the G20 leaders said.

The last remaining points, namely point 51 and 52 are more about their commitment to support all agreements that have been reached from the series of Indonesia's G20 Presidency, both at the level of specific working groups to ministerial meetings. As covered in the "G20 Action for Strong and Inclusive Recovery".

"We look forward to meeting again in India in 2023, in Brazil in 2024 and in South Africa in 2025," the leaders wrote in the G20 Bali declaration.

(rah/rah)
[Gambas:Video CNBC]
Next Article G20 Told IMF to Conduct a Study About Digital Currency