The G20 Summit 2014 in Brisbane, Australia, came to an end on Sunday after the world leaders agreed to improve world global trade and focused on climate change and health.
As the world economy is still on a shaky recovery track, the global leaders resolved to stimulate growth and improve productivity of the G20 member countries by 2.1 percent in the next five years by addressing some major issues. This plan will add around $2 trillion to world economic activity. More than 800 reforms were discussed at the event and some global funds were also formed.
The G20 leaders released a Brisbane Action Plan that enumerated several areas each country would focus on and also some combined priorities.
Below are the most important agreements concluded at the G20 Summit 2014:
- Develop global infrastructure and boost investment in the sector for better coordination and support
- To create more jobs, improve employment conditions and also remove the gender gaps in the jobs sector. To bring in an extra 100 million women in the employment scenario and improve participation rates by 25 percent by 2025.
- To formulate regulations that would help eradicate tax abuse, money laundering and other corrupted means of trade and business.
- To accelerate implementation of the international financial reform agenda and complete the agreement ruling the corporate tax avoidance reform by 2016.
- Working toward climate change and set domestic goals of environment conservation and preservation by 2015.
- The formulation of a Green Climate Fund, where the US alone would commit $3 billion.
- To boost new energy efficiency infrastructure and programs.
- To fight the emergent Ebola crisis.
Australian Prime Minister Tony Abbott said he was "heartened by the candid conversations" of the G20 leaders who agreed to his request of abandoning their scripts and speaking from their hearts.
"The thing about the G20 is that it's large enough to be representative and small enough to be effective. That's why G20 is such an important element in global governance architecture," the prime minister was quoted by News.com.au.
"We set a goal we developed a plan and we implemented it," he added.