G20 leaders reaffirm commitment to cooperation to tackle global economic challenges
Updated 23:24, 16-Nov-2022

The leaders of the Group of 20 (G20) reaffirmed on Wednesday their commitment to cooperation to address serious global economic challenges.

In a declaration adopted at the end of the 17th G20 Summit, the G20 leaders said that collectively they carry responsibilities, and their cooperation is necessary for global economic recovery, tackling global challenges and laying the foundation for strong, sustainable, balanced, and inclusive growth.

It is essential to uphold international law and the multilateral system that safeguards peace and stability, they said, stressing that peaceful resolution of conflicts, efforts to address crises as well as diplomacy and dialogue are vital.

The G20 leaders said they are committed to supporting developing countries, particularly the least developed and small island developing states, in responding to the global challenges and achieving the Sustainable Development Goals.

The leaders said they would coordinate to achieve a robust, inclusive and resilient global recovery and sustainable development that delivers jobs and growth.

They reaffirmed their steadfast commitments to tackling climate change by strengthening full and effective implementation of the Paris Agreement and its temperature goal, reflecting equity and the principle of common but differentiated responsibilities and respective capabilities in light of different national circumstances.

The G20 leaders acknowledged the urgent need to strengthen policies and mobilize financing to address climate change, biodiversity loss, and environmental degradation including significantly increasing support for developing countries.

They reaffirmed that the rules-based, non-discriminatory, free, fair, open, inclusive, equitable, sustainable and transparent multilateral trading system, with the WTO at its core, is indispensable to advancing their shared objectives.

Speaking at the closing ceremony of the summit, Indonesian President Joko Widodo said his country assumed the G20 presidency "with a hope to unite our willingness in achieving inclusive global recovery from the pandemic."

The outcome of and collaborative projects concluded during the summit bring the work of the G20 closer to the people, and can benefit not only its members but also the world, particularly the developing countries, he said.

"Let us recover together, recover stronger," said the Indonesian president before handing the G20 presidency to India, adding that the "G20 will keep moving."

Established in 1999, the G20 is a central forum for international cooperation on financial and economic issues. It comprises 19 countries plus the European Union.

The countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Türkiye, Britain and the United States.

(Cover: A logo of the 17th G20 Summit is pictured at a hotel in Bali, Indonesia, November 14, 2022.)

Source(s): Xinhua News Agency

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