Explained : The G20 Rome Leaders’ Declaration

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As the premier forum for international economic cooperation,the G20, the G20 Rome Leaders’ Declaration is committed to overcoming the global health and economic crisis stemming from the pandemic, which has affected billions of lives, dramatically hampered progress towards the achievement of the Sustainable Development Goals and disrupted global supply chains and international mobility.

New Delhi (ABC Live India): The Leaders of the G20, met in Rome on October 30th and 31st, to address today’s most pressing global challenges and to converge upon common efforts to recover better from the COVID-19 crisis and enable sustainable and inclusive growth in our Countries and across the world.

The Prime Minister Mario Draghi  released the G20 Rome Leaders’ Declaration was adopted at the end of the two-day working sessions.

G20 Rome Leaders’ Declaration

1. We, the Leaders of the  G20, met in Rome on October 30th and 31st, to address today’s most pressing global challenges and to converge upon common efforts to recover better from the COVID-19 crisis and enable sustainable and inclusive growth in our Countries and across the world. As the premier  forum  for  international  economic  cooperation,  we  are  committed  to  overcoming  the  global health  and  economic  crisis  stemming  from  the  pandemic,  which  has  affected  billions  of  lives, dramatically hampered progress towards the achievement of the Sustainable Development Goals and disrupted global supply chains and international mobility. With this in mind, we express our profound gratitude  to  the  health  and  care  professionals,  frontline  workers,  international  organizations  and scientific community for their relentless efforts to cope with COVID-19. 

2.  Underlining the crucial role of multilateralism in finding shared, effective solutions, we have agreed  to  further  strengthen  our  common  response  to  the  pandemic,  and  pave  the  way  for  a  global recovery, with particular regard to the needs of the most vulnerable. We have taken decisive measures to  support  Countries  most  in  need  to  overcome  the  pandemic,  improve  their  resilience  and  address critical  challenges such as ensuring food security  and environmental sustainability.  We have agreed upon a shared vision to combat climate change, and taken important steps towards the achievement of gender equality. We have also further advanced in our common efforts to ensure that the benefits of digitalization are shared broadly, safely and contribute to reducing inequalities.

3. Global  economy.  Over  2021,  global  economic  activity  has  been  recovering  at  a  solid  pace, thanks to the roll-out of vaccines and continued policy support. However, the recovery remains highly divergent across and within countries, and exposed to downside risks, in particular the possible spread of new variants of COVID-19 and uneven vaccination paces. We remain determined to use all available tools  for  as  long  as  required  to  address  the  adverse  consequences  of  the  pandemic,  in  particular  on those most impacted, such as women, youth, and informal and low-skilled workers, and on inequalities.

We  will  continue  to  sustain  the  recovery,  avoiding  any  premature  withdrawal  of  support  measures, while  preserving  financial  stability  and  long-term  fiscal  sustainability  and  safeguarding  against downside risks and negative spill-overs. Central banks are monitoring current price dynamics closely.

They  will  act  as  needed  to  meet  their  mandates,  including  price  stability,  while  looking  through inflation  pressures  where  they  are  transitory  and  remaining  committed  to  clear  communication  of policy stances. We remain vigilant to the global challenges that are impacting on our economies, such as disruptions in supply chains.  We  will  work  together  to  monitor  and  address  these  issues  as  our economies recover and to support the stability of the global economy. We commit to advancing the forward-looking  agenda  set  in  the  G20  Action  Plan  as  updated  in  April  2021  and  we  welcome  the fourth  Progress  Report.  We  reaffirm  the  commitments  on  exchange  rates  made  by  our  Finance Ministers and Central Bank Governors in April 2021.

4. Health. Recognizing that vaccines are among the most important tools against the pandemic, and reaffirming that extensive COVID-19 immunization is a global public good, we will advance our efforts  to  ensure  timely,  equitable  and  universal  access  to  safe,  affordable,  quality  and  effective vaccines, therapeutics and diagnostics, with particular regard to the needs of low- and middle-income countries. To help advance toward the global goals of vaccinating at least 40 percent of the population in all countries by the end of 2021 and 70 percent by mid-2022, as recommended by the World Health Organization (WHO)’s global vaccination strategy, we will take steps to help  boost  the  supply  of vaccines and essential medical products and inputs in developing countries and remove relevant supply and  financing  constraints.  We  ask  our  Health  Ministers  to  monitor  progress  toward  this  end  and  to explore ways to accelerate global vaccination as necessary.

For Reading  G20 Rome Leaders’ Declaration Follow the link

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