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.
Explained : The G20 Rome Leaders’ Declaration
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.
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