The Group of Twenty (G20) Summit held in Buenos Aires, Argentina, from 30 November to 1 December 2018, called for major reforms to the international financial system. While global economic growth is strong, financial vulnerabilities, geopolitical concerns and trade issues, have partially materialised.
The G20 recognized necessary World Trade Organisation (WTO) reformation to improve and update its existing rules and disciplines for the functioning of its multilateral trading system. This response is in addition to the G20 Eminent Persons Group on Global Financial Governance (EPG) final report, enabling countries to reach their full potential and avert financial damage.
The Global Governance Group or 3G (see accompanying box story) voiced support for the Buenos Aires Action Plan, which outlines the G20’s policies to strengthen economic resilience and promote inclusive growth. It also reiterated the importance of maintaining and strengthening an open, rules-based multilateral trading system as embodied by the WTO, to sustain free, open trade. The G20 reiterated its commitment to pursuing strong, sustainable, balanced, inclusive growth and pledged to collectively improve a rules-based international order.
The G20 also reaffirmed its commitment to spearheading sustainable development through the United Nations’ 2030 Agenda for Sustainable Development, especially for the benefit of developing countries.
Furthermore, the G20 High Level Principles on Sustainable Habitat through Regional Planning, promote sustainable growth and responding to challenges brought about by urbanisation. In accordance, the 3G reaffirmed their commitment to the Paris Agreement and pledge, noting the G20 members’ different approaches in addressing climate change. They recognised South-South and triangular cooperation are crucial to the implementation of the 2030 Agenda.