Press Statement by the Global Governance Group (3G) on the Outcomes of the G20 Summit in Buenos Aires, Argentina, 30 November to 1 December 2018

1             The Global Governance Group (3G) ^[1] takes note of the outcomes of the Group of Twenty (G20) Summit held in Buenos Aires, Argentina, from 30 November to 1 December 2018. The 3G welcomes the G20’s reiteration of its commitment to pursuing strong, sustainable, balanced and inclusive growth.  We also applaud the G20’s pledge to work together to improve a rules-based international order that is capable of effectively responding to a rapidly changing world.

2             The 3G concurs with the assessment by the G20 that while global economic growth is strong, some of the key risks have partially materialised, including financial vulnerabilities, geopolitical concerns and trade issues. The 3G thus welcomes the Buenos Aires Action Plan, which outlines the G20’s policy responses to the key risks to the global economy and actions to strengthen economic resilience as well as promote inclusive growth. The 3G joins the G20 in welcoming the final report of the G20 Eminent Persons Group on Global Financial Governance (EPG), which calls for reforms to the international monetary and financial system to enable countries to reach their full growth and development potential and avert the damage caused by financial crisis. The 3G looks forward to the G20 following up on the EPG’s recommendations under Japan’s 2019 G20 Presidency.

3        The 3G notes the G20’s recognition of the contribution made by the multilateral trading system in augmenting international trade and investments, which remain important engines of growth, productivity, innovation, job creation and development. The 3G also welcomes the G20’s support of the necessary reform of the World Trade Organisation (WTO) to improve its functioning. In this regard, the 3G further welcomes continued discussions at the WTO on initiatives aimed at strengthening and improving the WTO system and updating its existing rules and disciplines. The 3G reiterates the importance of maintaining and strengthening an open, rules-based multilateral trading system as embodied by the WTO, to ensure that trade remains free and open.

4             The 3G applauds the G20’s reaffirmation of its commitment to leading the transformation towards sustainable development and supporting the United Nations’ 2030 Agenda for Sustainable Development (2030 Agenda) as the framework for advancing this goal and the G20 Action Plan.  In this regard, the 3G welcomes the Buenos Aires Update. It maintains the international momentum towards implementation of the 2030 Agenda for the benefit for all especially developing countries, while recognising that South-South and triangular cooperation have an important role in its implementation. The 3G also notes the G20 High Level Principles on Sustainable Habitat through Regional Planning to promote sustainable growth and respond to the multi-dimension challenges brought about by urbanisation.

5             The 3G notes the differing approaches among G20 members in addressing climate change.  The 3G reaffirms our commitment to the Paris Agreement, our Paris pledges and the need to advance their implementation, and stands ready to work with the G20 to address this urgent challenge together. 

6             The 3G appreciates the outreach efforts undertaken by Argentina during its 2018 G20 Presidency, including the briefings to the 3G on its G20 priorities on the sidelines of United Nations meetings in New York in September 2017 and in January and September 2018. The 3G looks forward to continuing our constructive engagement with the Japanese Presidency in 2019. The 3G reiterates its position that the United Nations is the only global body with universal participation and clear legitimacy, and calls on the G20 to ensure that its actions complement and strengthen the United Nations system.

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31 December 2018