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G20 nations for global forum to address excess steel capacity

  1. What? Major steel producers China, India and Japan along with other G20 nations have called for increased sharing of information as well as more cooperation
  2. How? By forming a global forum to address the issue of excess steel capacity
  3. Context: The problem caused in international markets due to excess steel capacity amidst softening of prices
  4. It eroded sales and profits of firms across countries, especially at a time when the global economy recovery is weak
  5. Issues: Excess capacity in steel and other industries is a global issue which requires collective responses
  6. Subsidies and other types of support from Govt or Govt-sponsored institutions can cause market distortions and contribute to global excess capacity and therefore require attention

G20 on employment and skills- II

  1. Would further develop the G20 employment plans in 2017 to address these commitments and monitor progress in a systemic and transparent manner in achieving the G20 goals, especially on youth employment and female labour participation
  2. Recognised that strengthened labour market institutions and policies can support productivity and promote decent work, and therefore higher, sustainable wage growth, in particular for the low-income workers
  3. Recognised the importance of addressing opportunities and challenges brought into the labour market through labour migration as well-managed migration can bring potential benefits to economies and societies

G20 on employment and skills- I

  1. Generating quality employment is indispensable for sustainable development and is at the center of the G20’s domestic and global agenda
  2. Would work to ensure the benefits from economic growth, globalisation and technological innovation are widely shared, creating more and better jobs, reducing inequalities and promoting inclusive labour force participation
  3. Endorsed the strategies, action plans and initiatives developed by G20 labour and employment ministers to enhance the growth and development agenda
  4. How? By taking effective actions to address changes in skill needs, support entrepreneurship and employability, foster decent work, ensure safer workplaces including within global supply chains and strengthen social protection systems

G-20 pledge to roll back protectionist measures by 2018-end- III

  1. Endorsed the strategy for global trade growth, under which the G20 will lead by example to lower trade costs, harness trade and investment policy coherence, boost trade in services, enhance trade finance, promote e-commerce development, and address trade and development
  2. Would support policies that encourage firms of all sizes, in particular women and youth entrepreneurs, women-led firms and SMEs, to take full advantage of global value chains
  3. Would continue to prioritise its work on food security, nutrition, sustainable agricultural growth and rural development as a significant contribution to implementing the 2030 Agenda for Sustainable Development
  4. Reaffirmed its commitment to promoting investment with focus on infrastructure in terms of both quantity and quality

G-20 pledge to roll back protectionist measures by 2018-end- II

  1. Reiterated advancing negotiations on remaining DDA (Doha Development Agenda) issues as a matter of priority
  2. It would include all three pillars of agriculture — market access, domestic support and export competition, non-agricultural market access and services, among others
  3. Highlighted the important role that bilateral and regional trade agreements can play in liberalising trade and development of trade rules
  4. Recognised the need to ensure they are consistent with WTO rules

G-20 pledge to roll back protectionist measures by 2018-end- I

  1. G20: Would ensure rule-based and transparent multilateral trading system with WTO for global growth
  2. Reaffirmed to continue support the work of WTO, UNCTAD and OECD in monitoring protectionism
  3. Emphasised that the benefits of trade and open markets must be communicated to the wider public more effectively and accompanied by appropriate domestic policies to ensure that benefits are widely distributed
  4. Committed to ratify the Trade Facilitation Agreement by the end of 2016 and call on other WTO members to do the same
  5. Affirmed determination to ensure a rule-based, transparent, non-discriminatory, open and inclusive multilateral trading system, with WTO playing the central role in today’s global trade
  6. TFA: Aimed at promoting global trade through easing Customs procedures

Modi calls for IMF quota reforms

  1. Modi at G20: The long delayed 15th General Review of Quotas of the International Monetary Fund (IMF) must be completed by the multilateral lender’s 2017 Annual Meetings
  2. Changes: The 15th review in quota shares is expected to result in raising the clout of the emerging and developing countries in the decision making architecture of the IMF

Modi flags off anti-graft campaign as part of global economic reforms at G-20

  1. It would include a greater say for the emerging countries in the international financial architecture
  2. Mr. Modi: Proposed elimination of safe havens for economic offenders across the globe
  3. How? Track down and unconditionally extradite money launderers and tax offenders
  4. He also targeted the foreign banks for their excessive secrecy, which eventually ended up shielding the corrupt

G20 to say look beyond ultra-easy policy for growth

  1. News: Recently released communique from G20, finance ministers and central bankers flagged a series of risks to world growth
  2. Series of Risks: volatile capital flows, a sharp fall in commodity prices and the potential shock of a British exit from the EU
  3. G20’s opinion: Need to look beyond ultra-low interest rates and printing money to shake the global economy out of its torpor, while renewing their focus on structural reform to spark activity
  4. Relevance: Faltering growth and market turbulence have exacerbated policy frictions between major economies in recent months
  5. Concerns: expressed over escalating geopolitical tensions and Europe’s refugee crisis
  6. Way ahead: G20 ministers have agreed to use all policy tools – monetary, fiscal and structural – individually and collectively to reach the group’s economic goals

As economy slows, China urges G20 to focus on domestic reforms

India has initiated consultations on the priorities identified by China for the G20 summit in September 2016.

  1. G20 leaders had met at Antalya last month and resolved to persist with collective action
  2. China, the host for 2016 G20 meet and holder of the rotating presidency.
  3. China urged member countries to pursue structural reforms to spur global economic growth even as the Asian giant’s economy slows.
  4. India’s consultation include constructing a new structural reform index to assess progress by member nations on their target.
  5. To add 2 per cent growth to the global economy by 2018 through domestic reforms.

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